Australia's Qantas Airlines predicts massive profit drop

(MENAFN) The main Australian Airline carrier, Qantas Airlines forecast a possible drop of up to 91 percent in this year's earnings, reported AP. Qantas explained that Europe's downward spiral economy, gas prices, along with fierce competition at home are to blame for the huge profit drop predictions. Last year, Qantas made a pretax profit of USD505.5 million. However, in the 2011-2012 year they expect to make between USD48.4-96.8 million. The carrier's international business section is predicted to publish a loss of around USD435.8 million in this year till June 30, compared to last year's loss of USD209.2 million.