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Qantas expects to exceed profit before tax target

24 June 2002

Qantas Chief Executive Officer Geoff Dixon said today that the company expected to exceed its profit before tax target of $550 million dollars for the financial year ended 2002 by more than 10 per cent.

This improved result was due to a range of factors, including a faster recovery in the international aviation market, a solid domestic performance and improved overall productivity.

Mr Dixon said the main drivers of the improved productivity included:

- the introduction of new, more efficient aircraft into the domestic fleet;

- benefits delivered through the dedicated Cityflyer shuttle service;

- a lower cost of sale from a significant increase in internet bookings; and

- reduced overhead costs due to improved benefits of scale.

Mr Dixon said the results for the 2001/02 year would provide a solid foundation for 2002/03 when the company's major capital expenditure program would begin to impact.

For the four years to 2005, Qantas will invest an average of $2.5 billion dollars each year on new aircraft, upgraded lounges and improved product, including inflight entertainment and international sleeper beds.

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