Bad Qantas result may signal worst is over

UPS AND DOWNS FOR QANTAS

DOWNS

* Fuel costs up to $4.5 billion

* Intense competition

* Too much capacity

* Weaker demand for travel

* International fleet worth much less

* Cost of redundancies and retiring old aircraft

UPS?

* "Rapid" improvement in earnings

* Retains 65pc of profitable domestic market

* Brighter prospects for international routes

* Frequent flyer program going gangbusters

* $200m saving on depreciation costs

* No further job cuts planned

(Source: Qantas statements)