Qantas Airways profits lower

Sydney: Qantas Airways posted a 6.5-percent fall in annual net profit Thursday, attributing the slide in earnings to higher oil prices and a weaker Australian dollar.Despite record revenues, the Australian flag carrier said its after-tax profit fell to Aus$891 million (US$604 million), down from Aus$953 million the previous year.

The 99-year-old airline was hit by an Aus$614 million fuel bill increase and Aus$154 million in foreign exchange impacts. But Qantas CEO Alan Joyce was upbeat about the results, which came on the back of healthy profits the previous year.