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Qantas expects profits to drop by 90 percent

  • Qantas has said it expects its profits to fall by as much as 90 percent due to decreasing international operations and the escalating cost of fuel.

    The Australian carrier has forecast a profit before tax of between $48.6 to $97.4 million.

    That's down from a profit before tax of $537 million during the same period last year.

    The firm's shares plummeted nearly 18 percent on the Australian Securities Exchange following the profit warning.

    The airline said fuel costs are expected to rise to $4.3 billion, an increase of around $681 million compared to the previous year.