Qantas shares soar 13 percent

Published:  13 Jun at 6 PM

Following reports that Qantas had chosen the Macquarie Group to protect against any takeover bids, the Australian airline’s shares surged 13 percent on the Australian Securities Exchange to A$1.1.

Qantas shares have dropped by over 40 percent during the past year, plunging to a low record of A$0.96, amid a drop in profits last week. The company has also established an internal squad to aid with the issue. A Qantas spokesperson confirmed with the BBC that the developments were true, but declined to provide further details.

The firm has witnessed fluctuating fortunes in recent times. Though its domestic division has enjoyed sustained success, its international operations have seen further losses.

In an effort to streamline its work, Qantas announced it would split its domestic and international operations into different divisions. Experts said that although the airline has been seeing tough times, it remains an important player in the industry.

Ian Thomas, an aviation expert with CAPA Consulting, says that, considering the airline's strategic position and record in many markets, it would be a good investment at the right price.

However, Thomas says investors will be cautious of the troubles the airline has faced.