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Qantas Airways stock slid 1.138% after the company announced the resignation of its Company Sectary. It translates a negative daily price change of $0.070 in QAN that last traded at $6.080 on 21 January 2019.
In the announcement to Australian Securities Exchange, the airline company Qantas Airways Limited (ASX:QAN) stated that Anna Rachel Pritchard has resigned from the role of Company Secretary of Qantas, effective today.Â
The airline group has returned record levels of revenue for the first quarter of Fiscal 2019 with total groupâs revenue increased by 6.3% to $4.41 billion compared to the previous corresponding period. The growth underlines the strong unit revenue generated during the quarter which has shown an improvement of 5.4% in comparison to the Q1 FY18.
On the divisional performance front, Groupâs domestic operation has shown 6.8% growth in unit revenue. The company informed that travel demand for domestic flights had been strong across leisure and business markets while the resources sector had continued to improve. Further, the structural changes to Qantasâ International network have continued to build unit revenue growth which was reported to 4% in Q1 FY19. The developments across Qantasâ International included the network of Perth-London route, renewed codeshare agreements and an increased focus on Singapore Hub associated with traffic flows. With respect to fleet update, the company stated that Qantas International retired another 747-400 fleets in September and going forward, it intends to phase out remaining nine by the end of calendar 2020.
The group has hedged 75% of its fuel for fiscal 2019 and 39% for Fiscal 2020 with the view to get benefitted from the fall in fuel prices. On the basis of Jet Fuel forward market price of A$130 per barrel for the financial year remaining after the first quarter, Qantasâ full-year fuel cost is now anticipated to be $4.09 billion compared with $3.23 billion for the fiscal year 2018.
As per the quarterly report, the Group is on track to deliver transformational benefits of at least $400 million in Fiscal 2019; however, the majority of the cost improvements are expected to be materialized in the second half of the year. Groupâs overall capacity had been expected to be flat, including domestic capacity anticipated to decline by approximately 0%-1% while International capacity expected to remain flat.
The expansion of Qantasâ Business Lounge at Singapore Changi Airport is currently underway. Recently, the company has made multi-million dollar investment for this expansion and construction of new First Lounge which will together increase the Changiâs lounge capacity by 60%. These works are expected to be completed in late calendar year 2019.
QAN stock last traded at a PE of 10.980 x with a market capitalization of $10.0 billion as at 21 January 2019. Over the past 12 months, the stock has witnessed a positive performance change of 21.06% including an upsurge of 10.22% in the past three months.
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