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    QAN   AU000000QAN2

QANTAS AIRWAYS LIMITED

(QAN)
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Delayed Australian Stock Exchange  -  02:10 2022-09-28 am EDT
5.150 AUD   +0.59%
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Qantas expanding Australia freight fleet to meet online shopping demand

08/14/2022 | 10:32pm EDT

SYDNEY, Aug 15 (Reuters) - Australia's Qantas Airways said on Monday it would add six Airbus SE A321 converted freighters to its domestic fleet to replace five ageing Boeing Co 737s and expand capacity to meet a surge in demand from online shopping.

The A321 freighters will be sourced from the open market and converted from carrying passengers to cargo subject to commercial negotiations, the airline said, adding the planes were expected to arrive between early 2024 and mid-2026.

The freighters will join another three A321s already in the airline's domestic cargo fleet and expand carrying capacity given the A321s can carry 23 tonnes of cargo, nine tonnes more than the 737s.

Qantas Chief Executive Alan Joyce said the airline's freight division, which reported record first-half earnings, was one of the group's stand out performers during the pandemic as Australians shifted to online shopping.

"While some of that shift is temporary, demand remains well-above pre-pandemic levels even with the lifting of almost all COVID-related restrictions," he said in a statement.

Singapore Technologies Engineering Ltd, a major converter of A321 passenger planes to freighters, said last week that conversion demand remained strong, with orders for the model booked through 2025.

The shortage of passenger plane cargo-carrying capacity during the pandemic sent freight rates soaring, delayed retirements of older models like MD-11s and had lessors rushing to convert older unwanted passenger planes into carrying freight.

However, the strong cargo demand that helped passenger-deprived airlines stay afloat during the pandemic is showing signs of softening amid growing economic uncertainty, in part, fuelled by high inflation. (Reporting by Jamie Freed; Editing by Himani Sarkar and Muralikumar Anantharaman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -0.57% 89.29 Real-time Quote.-20.08%
MSCI SINGAPORE (GDTR) -0.44% 5346.43 Real-time Quote.-14.84%
QANTAS AIRWAYS LIMITED 0.59% 5.15 Delayed Quote.2.79%
SINGAPORE TECHNOLOGIES ENGINEERING LTD -1.94% 3.53 Delayed Quote.-4.26%
THE BOEING COMPANY 2.38% 130.645 Delayed Quote.-36.75%
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Analyst Recommendations on QANTAS AIRWAYS LIMITED
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Financials
Sales 2023 17 742 M 11 431 M 11 431 M
Net income 2023 713 M 460 M 460 M
Net Debt 2023 3 620 M 2 332 M 2 332 M
P/E ratio 2023 12,5x
Yield 2023 1,04%
Capitalization 9 591 M 6 179 M 6 179 M
EV / Sales 2023 0,74x
EV / Sales 2024 0,67x
Nbr of Employees 17 000
Free-Float 99,2%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 5,12 AUD
Average target price 6,53 AUD
Spread / Average Target 27,6%
EPS Revisions
Managers and Directors
Alan Joseph Joyce CEO, Executive Director & Managing Director
Vanessa Hudson Chief Financial Officer
Richard J. B. Goyder Chairman
Robert Marcolina Group Executive-Strategy, People & Technology
Maxine Nicole Brenner Independent Non-Executive Director
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