Qantas Falls as Plane Shortage Forces Immediate Fleet Investment
- Carrier to get extra nine Airbus A220s for domestic routes
- Airline announces A$500 million buyback and record profit
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Qantas Airways Ltd. shares fell the most in almost eight months as the airline flagged higher-than-expected spending on planes in an an immediate attempt to cope with the rapid rebound in passenger growth.
Demand for flights will “remain strong” into the second half of 2023 and fares will stay significantly above pre-pandemic levels, Qantas said Thursday. But with supply-chain blockages delaying some new aircraft by six months, Qantas said it will beef up its domestic fleet in coming months with second-hand Airbus SE jets. It also added nine A220s to an existing order from the French manufacturer to help meet appetite for travel within Australia.