Former Qantas boss James Strong dies

Tributes have poured in for former Qantas chief James Strong who died from complications after surgery. SKY News

James Strong was an accomplished business leader and man of varied interests, with an appetite for adventure. Picture: Stuart Mcevoy Source: News Limited

TRIBUTES are pouring in for former Qantas chief James Strong, who has died aged 68.

Mr Strong died on Sunday in Sydney from complications following surgery, his family said in a statement.

"A beautiful man and a great loss. He will be profoundly missed by many," his family said.

At the time of his death, Mr Strong was the chairman of the V8 Supercars championship, The Australian reports.

Formula One driver Mark Webber posted his condolences to Twitter: “Sorry to hear the news that James Strong has passed away. He was very special towards my junior racing career. Great guy. Will be missed.”

Strong, who earned the nickname “Mr Bow Tie” for his sartorial elegance and preference in neckwear ran Qantas between 1983 and 2001. In a varied career he also chaired Insurance Australia Group, Rip Curl Group and the board of Woolworths. He was a director of Dorna Sports, which manages MotoGP worldwide.

His interest in sport was not confined to the boardroom. Strong was himself an enthusiastic motorbike rider, as well as a pilot and mountaineer. He was to have chaired the local organising committee for the 2015 ICC Cricket World Cup.

A love of opera was another opportunity to exercise his penchant for elegant attire.

Strong was made an Officer of the Order of Australia in 2006 for services to business and commerce and to the arts as an administrator and philanthropist.

ABC managing director Mark Scott summed up a life lived well on Twitter: "Saddened to hear of the death of James Strong. Captain of industry, advocate for the arts, adventurer, gentleman, and wonderful bow-ties."

Strong was also chairman of Kathmandu Holdings.

Kathmandu CEO Peter Halkett said he was very sad to lose his chairman and mentor.

"I was always able to count on his full support during some challenging periods that Kathmandu has experienced as a public company," he said.

Newly-appointed interim Kathmandu chairman John Harvey said Mr Strong played a critical role in securing the company's initial listing.

"His loss will be felt throughout the business community," he said.
 

View the original article here

Qantas more than doubles net profit

Qantas. Picture: File Source: news.com.au

QANTAS Airways shares have risen after the airline reported a hefty lift in first half net profit and an improved performance at its struggling international division.

However, Qantas's dominant domestic operations felt the full force of the excess capacity in the Australian market and reported a decline in underlying earnings.

Qantas said net profit for the six months to December 31 came in at $111 million, well over double the $42 million achieved in the prior corresponding period.

The result was a little below market expectations of $138 million net profit, according to a median of five analysts' forecasts gathered by AAP.

It also included a $125 million payment from Boeing as part of changes to Qantas' Boeing 787 Dreamliner orders announced in August 2012.

"The result demonstrates the progress of the Qantas group despite a challenging competitive environment," Qantas chief executive Alan Joyce said during the airline's results presentation today.

At 10.22am AEDT, Qantas was up 6.5 cents, or 4.02 per cent, at $1.68.

In percentage terms, Qantas was the best-performing stock on the S&P/ASX50.

Qantas said its international operations posted an underling earnings before interest and tax (EBIT) loss of $91 million in the half, an improvement from the $262 million loss in the prior corresponding period.

Mr Joyce said Qantas international was on track to break even by 2014/15, as the full benefits of a restructure plan - cutting loss-making routes, retirement of older aircraft and alliances with foreign carriers such as Emirates - were realised.

"We have taken significant costs permanently out of the business," Mr Joyce said.

The Emirates tie-up was awaiting a final decision from the competition regulator, due in March.

Meanwhile, underlying EBIT at Qantas domestic fell 34 per cent to $218 million, with yields - an industry measure of average airfares per passenger - hurt by the 10 per cent additional capacity in the Australian market.

"Clearly this reflects the elevated levels of capacity growth into the market as the competitor tries to claim market share from Qantas domestic," Mr Joyce said. "But Qantas has maintained its leading 84 per cent share of the corporate market."

The airline said it expected to increase capacity in the Australian domestic market by five to seven per cent during the second half of 2012/13 across both Qantas mainline - planes with the red tail and white kangaroo - and its low-cost unit Jetstar.

Qantas said underlying profit before tax - the airline's preferred measure of financial performance - was $223 million in the half, above consensus forecasts of $209 million and at the top end of company guidance of $180 million and $230 million.

The airline said conditions were too volatile and uncertain to offer profit guidance for the full 2012/13 year.

View the original article here