Sydney-N. Guinea Air
p. 15 · Read in the full issue
Fares Go Up QEA Under Govt. Control Still Makes Profit
ON September 15, air fares on the Qantas Bird of Paradise Service (Australia-New Guinea) went up by about 10 per cent. The increase was necessary, reports Qantas Empire Air ways, to take care of a steady rise in operating costs and is similar to an in crease made by Australian domestic air lines a few months ago.
IN a report of Qantas Empire Airways, Ltd., tabled in the Australian parlia ment on October 7, it was shown that the company had made a net profit of £104,384 for the nine months ending De cember 31, 1948. (The report, of course, covers all Qantas’ airline activities —not just the Bird of Paradise Service). This is £24,484 better than the profit earned for the year that ended on March 31, 1948.
The report was the first to cover a financial period during which the com pany was entirely owned by the Com monwealth Government.
The report says that the increase in profit was mainly caused by the intro duction of Constellation aircraft.
Although the total profit for the period was higher, the result for the nine months represented a return of 7.27 per cent, on paid-up capital, against 15.26 per cent, for the profit in the previous year.
This lower return was caused by the £2,000,000 increase of capital in June, 1948, which financed the purchase of the Constellations.
Trading profit for the nine months totalled £178,332, £73,948 being set aside for taxation.