Qantas nosedives on profit downgrade

Qantas nosedives on profit downgrade

Qantas shares have fallen to an all-time low of $1.155 on Tuesday night following a forecast drop in profit to just $50-$100 million for the financial year ending 30 June 2012.

The Qantas Group has warned it expects to report an underlying profit before tax (PBT) in the range of $50-$100 million for the financial year ending 30 June 2012.

The forecast result reflects the recent deterioration in global aviation operating conditions driven by the European economic crisis, the group

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