Qantas is on track to record the most dramatic turnaround in aviation history after the airline today, announced an underlying profit of $367 million, for the six months to December 31 – a stark contrast to the $2.84 billion loss for the financial year ending June 30 2014. In more good news, analysts predict that the best is yet to come, with a full year profit topping $1 billion as the full impact of lower fuel costs hit the bottom line.The result which vindicates the polices of Qantas chief executive Alan Joyce, has been driven by the Transformation Restructuring Program, an end to the domestic price and capacity war, and lower fuel prices.While the lower fuel prices means greater profit for Qantas, analysts say that their full year profit predictions assume half the gain will be passed onto passengers in lower fares.The stunning reversal of fortune is expected to lead to a return to dividends for shareholders and an order for up to 30 Boeing 787 Dream liners to re-equip and expand the international fleet. Suggested Read: Our review of Qantas’s new Domestic Business ClassQantas said that the main contributors to the profit were: The transformation program $374 million; $208 million reduce depreciation; $162 million increased revenue per ASK; $59 million from the removal of the carbon tax and $33 million lower fuel prices.Unit costs were down 4.8 per cent and revenue was up $2.1 per cent to $8.1 billion.The Group is now targeting $675 million of transformation benefits in financial year 2015, up from the previous target of $600 million. Combined with the $204 million in benefits realised in financial year 2014, this will result in total benefits of at least $875 million by 30 June 2015.All operating segments of the Qantas Group were profitable in the half, at an Underlying Earnings Before Interest and Tax level.All business units returned to the black including the international division.Leading the profit charge were: Domestic with underlying EBIT of $227 million; Qantas International $59 million; Jetstar $81 million; Frequent Flyer program $160 million and Qantas Freight $54 millionQantas CEO Alan Joyce said the result showed that the Group was executing the right plan with discipline and speed.“The decisive factor in our best half-year result for four years was our complete focus on the Qantas Transformation program,” Mr Joyce said.“It’s clear that without the impact of transformation, we would not be announcing a profit today.”“Our people have worked hard and made a huge contribution to bring about the change we need. They deserve great credit for this result.”“What sets this transformation apart is that we are reducing costs permanently while at the same time delivering Qantas’ best ever fleet, product and service.”“We are meeting or exceeding all our targets as we build a sustainable future for Qantas with an emphasis on growing long-term shareholder value.”“Our financial position is significantly stronger because of the actions we’ve taken, and we are giving Qantas a solid foundation for growth in earnings.”
Pune: The Pune police have lodged a case of cheating against prominent real estate developer and Bharatiya Janata Party (BJP) MP Sanjay Kakade in a matter pertaining to rehabilitation of villagers in Maval taluk.An FIR under Sections 406 (punishment for criminal breach of trust), 420 (cheating), 465 (forgery), 467 (forgery of valuable security, will) and 468 (forgery for purpose of cheating) of the Indian Penal Code was lodged against Mr. Kakade, his brother Suryakant Kakade and others at the Warje-Malwadi police station Saturday night. Last week, Judicial Magistrate First Class P.T. Gotey had directed that a case be lodged against the Rajya Sabha MP.The Maharashtra government, in the 1960s, had acquired land from villagers of New Kopre for construction of the National Defence Academy. Families displaced by the project were promised rehabilitation on a 14-acre plot in Warje-Malwadi through a building project led by the Kakade Group.However, villagers have accused Mr. Kakade of grabbing the plots, forging 7/12 extracts, and using the land for commercial purposes.‘A conspiracy’Mr. Kakade said the allegations were “a conspiracy” against him, denying any wrongdoing in the New Kopre rehabilitation works.Kakade Infrastructure Pvt. Ltd is also one of the accused in alleged irregularities in the tender for Sion-Panvel highway. In June, officials from the anti-corruption bureau (ACB), Thane, carried out searches at Mr. Kakade’s office in Pune. He is also an accused in the Maharashtra Sadan scam involving Nationalist Congress Party (NCP) leader Chhagan Bhujbal. Mr. Kakade is accused of abetting Mr. Bhujbal to launder money.Vital role in pollsThe MP was earlier in the NCP, before being elected as an independent candidate to the Upper House and later joining the BJP. He is believed to have played a vital role in ensuring the BJP’s victory in the Pune civic polls. However, he has alienated himself from BJP loyalists like Girish Bapat and Pune Mayor Mukta Tilak.
New Delhi: Gold medallist in 2019 India Open Neeraj (57kg) on Friday stunned 2016 world champion Alessia Mesiano to enter the final of the Magomed Salam Umakhanov Memorial International boxing tournament in Kaspiysk, Russia. Strandja Memorial bronze medallist Neeraj and Alessia had the crowd on their feet with their exceptional display of attacking boxing. Both the boxers refused to back down but Neeraj landed a series of clear punches in the final round to edge past the Italian boxer 3-2 to secure his berth in the final. Also Read – Puducherry on top after 8-wkt win over ChandigarhIn another highly entertaining bout, 2019 India Open bronze medallist Gaurav played patiently in the beginning against his Russian opponent Maksim Chernyshev. In the last round, Gaurav increased the tempo as he landed a flurry of punches to earn a 3-2 split verdict in his favour. Govind Sahani, silver medallist in GeeBee Boxing earlier in the year, was up against Tajikistan’s Shermukhammad Rustamov in his quarterfinal bout. Govind dominated the proceedings from the word go and showed great display of attacking prowess. He carried on with the onslaught throughout the match and the referee had to stop the contest in the third round. The young pugilist’s attacking acumen was appreciated by all as he earned the first RSC win of the tournament. Also Read – Vijender’s next fight on Nov 22, opponent to be announced laterHowever, Ashish Insha (52kg) couldn’t make it to the semifinals as he lost his bout against Russia’s Islamitdin Alisoltanov 1-4. The match was in the balance till the last round before Ashish conceded a few clear punches in the last minute which led to his defeat. 2018 India Open gold medallist Sanjeet had to forego his bout against Russia’s Daniel Lutai after suffering a cut on his forehead in the first round of the match. In all, India are assured of 6 medals as 4 women and 2 men have reached the semi-finals. The 21st edition of the tournament is seeing the participation of 220 boxers from 21 countries. The event will give the Indian boxers a good opportunity to hone their skills and test themselves as they approach the World Championships later in the year.
Last updated on June 24th, 2019 at 04:08 pmSerial entrepreneur Dan Voell has launched a new Milwaukee-based venture capital fund called Forward Capital Fund.Dan VoellVoell is working to raise $10 million to invest in startups in Wisconsin. Forward Capital is part of the Badger Fund of Funds initiative.Voell, 40, co-founded a precision grinding company in Port Washington, which manufactures implantable medical device components. He helped grow that firm to a $1 million annual run rate in 22 months. Voell previously was a co-founder of defunct startup GoBuzz out of Milwaukee and president of former startup GameFilm360 in Mission Viejo, California. On the finance side, Voell was previously a business banker at Town and Country Bank in Watertown, managed fixed income products for large corporations such as Google at UBS and worked at Brookfield angel investment firm Golden Angel Network. He holds a bachelor’s in finance, investments and banking from the University of Wisconsin-Madison and an MBA from Marquette University. With his background, Voell said he is uniquely suited to his new role.“There aren’t a ton of investors in town that have gone through the operational side of startups and understand it from the inside,” he said.Forward Capital Fund will make seed investments of around $500,000 in pre-revenue companies. Voell is particularly focused on investing in advanced manufacturing, spinouts, software and other technologies in the Milwaukee, Racine and Kenosha areas.“I think that there is an unmet need between private equity firms focusing on established businesses and venture capital firms focusing on asset-light startups,” Voell said. “There aren’t as many options for startups with an asset or hardware component.”The State of Wisconsin awarded $25 million to Santa Fe, New Mexico-based Sun Mountain Capital and Stoughton-based Kegonsa Capital Partners LLC in 2013 to establish the Badger Fund of Funds, which raised another $10 million from the private sector and agreed to create the six to eight venture capital firms across the state. Voell is the sixth fund manager to start a Badger Fund, and the second in Milwaukee. There is also a seventh and final Badger Fund of Funds manager that has a contingent commitment to launch a growth venture capital fund in Wisconsin. That fund manager has not yet been named.The other fund managers they have selected have so far publicly established the Idea Fund of La Crosse, Winnebago Seed Fund LP in Neenah, Rock River Capital Partners Fund I in Madison, The Winnow Fund for college entrepreneurs in Madison, and Milwaukee-based Bold Coast Capital Fund I L.P. Each fund manager is either raising or has raised its own venture capital fund to invest exclusively in Wisconsin companies, and BFOF matches 40 percent of that total.With six Badger Funds launched, as well as independent venture capital funds such as Dark Knight Capital and corporate venture funds including Wisconn Valley Venture Fund coming online over the last couple of years, Milwaukee has more VC activity than in years past.But Voell said he is not concerned about competition for investor funding.“A rising tide moves all ships. The more participants in the community, the better for startups, and hopefully we can collaborate to move the community,” he said. Get our email updatesBizTimes DailyManufacturing WeeklyNonprofit WeeklyReal Estate WeeklySaturday Top 10Wisconsin Morning Headlines Subscribe