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ACCC must crunch Qantas numbers



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21/02/2013

ACCC MUST CRUNCH QANTAS NUMBERS Independent Senator for South Australia, Nick Xenophon, says that the half-yearly financial results for Qantas and the significant variations within the Qantas Group’s figures reinforce the need for transparency in accounting rules for Australian companies. Senator Xenophon also restated his previous calls for the ACCC to examine Qantas’ books forensically before the Qantas/Emirates alliance is given the final go-ahead. Qantas International losses reduced to $91 million, an improvement of 65 per cent. On the other hand, Jetstar reported a profit of $128 million, down from $147 million in the same period last year, despite a 12 per cent rise in revenue. “Qantas’ main argument to the ACCC for the Emirates tie-up is that its international division is in ‘terminal decline’,” Nick said. “These latest figures from the Group are bouncing around more than a Dash 8 in a thunderstorm.” “The ACCC must do its job and establish whether there is any cost-allocation within the Group that makes the international division look worse than it actually is,” Nick said. During a conference in early February this year, the ACCC confirmed they had yet to examine Qantas’ books forensically.  For more information contact Alex Taylor on 0433 620 850 or Nick Xenophon on 0411 626 677