=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/02/19/f= inancial2304EST0360.DTL ---------------------------------------------------------------------- Wednesday, February 19, 2003 (AP) Australian flag carrier Qantas sees half-year income soar (02-19) 20:04 PST SYDNEY, Australia (AP) -- Australian flag carrier Qantas Airways said Thursday that its first half net profit soared 130 percent to 352.5 million Australian dollars ($208 million). The earnings rebounded from a 42-percent slump in net profit to A$153.5 million ($90.5 million) in the same period last year, which Qantas blamed on a steep decline in international tourism following the Sept. 11 terror attacks and a rise in fuel costs. Qantas said revenue for the six months ended Dec. 31, 2002, rose 9.3 percent to A$5.88 billion ($3.5 billion) from A$5.38 billion ($3.17 billion). Chief executive Geoff Dixon said the company expects improved profit margins as it converts to coach-class service on leisure routes. Dixon said the threat of war in Iraq could affect the airline's earnings and have already started to put pressure on the recovery now begun in international markets. Qantas will take several steps to deal with tough market conditions, including reductions in flights next month, he said. The airline also will make employees take leaves before June 30, which will effectively cut staff by the equivalent of 1,500 full time employees, without requiring job cuts. =20 ---------------------------------------------------------------------- Copyright 2003 AP