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Qantas Airways jumped the most in about two weeks in Sydney trading after raising international fares across its network for the first time in almost 18 months on rising travel demand. Australia’s biggest carrier climbed 3.5 percent to A$2.67 at the close of trading, the largest gain since Dec. 1. The carrier will increase economy-class fares as much as 5 percent on flights to Europe, North America and Japan, it said in an e-mailed statement today.
Qantas also plans to raise first- and business-class ticket prices as much as 3 percent from Dec. 18 as a rebounding economy revives travel. The carrier’s passenger numbers rose at least 6 percent from a year earlier for a third straight month in October. Chief Executive Officer Alan Joyce, whose brands carry almost 30 percent of passengers out of Australia, earlier this year cut capacity, grounded planes and canceled orders for new aircraft as the global recession curbed travel demand. Joyce, who founded and ran Qantas’s low-cost unit Jetstar before taking over as CEO in 2008, last month said demand for leisure travel is improving.
source: Bloomberg
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