Tuesday, November 10, 2009

AAE Just Make Profit

Attribute Low Results to Downturn, Not Competition
Shipping News Feature

AUSTRALIA – Air freight carrier Australian Air Express (AAE), the joint venture between Qantas Airways and Australia Post, has just released figures that indicate that to June of this year it has made a minimal profit.

Filed returns indicate that the company made A$119,000 for the year to June, down from A$17,625,000 the year before and heavily down on the profit of over A$30 million for 2006-07.

However, AAE's chief executive, Wayne Dunne, stated that he was hopeful that the company would see an improvement by the end of this year as the last quarter pick up begins. He also stated that he did not believe that AAE was suffering from the effects of increased competition from Toll Holdings entry into the air freight market.

“'Quite simply, it's due to the effects of the global financial crisis and the economic downturn in Australia. It's just a volume decline,” he said.