Qantas shares take a dive

Qantas shares have fallen nearly 10% following the airline’s warning that its interim underlying profit could fall by 13%. The Australian flag carrier has forecast an underlying profit before tax of $800 million to $850 million for the six months to December 31, down from $921 million over the same period a year earlier. This is blamed on international competition and a flat domestic market. This news follows a 3% fall in revenue to $3.98 billion for the three months to September 30 from $4.11 billion a year earlier. The driver was falling international fares. Chief executive Alan Joyce stated: