Qatar Airways reports big profit despite headwinds

Qatar Airways Group has announced a post-tax profit of US $1.94 billion for financial year 2025-26.

The Middle East carrier says the results "demonstrate a robust performance against a final month impacted by significant geopolitical events" despite a 7% drop in profits.

The Virgin Australia partner said it "continued to develop, innovate and provide world-class services and experiences to passengers and businesses".

The airline carried more than 41.8 million passengers, maintaining extensive global connectivity through Hamad International Airport. while the airline's cargo division advanced its position as the world’s largest air freight carrier with a 12% global market share.

Qatar Airways also maintained industry‑leading punctuality, achieving an 86% on‑time performance, placing it among the top five most punctual carriers worldwide.

"It is not often that a single financial year asks an organisation to demonstrate both the best of what it can achieve and the depth of what it can withstand," said Qatar Airways Group Chief Executive Officer Hamad Al-Khater.

"The 2025-26 financial year [ending March 31] did both, and the Qatar Airways Group rose to each in turn.

"These results speak to the strength of this Group across every measure that matters - a strong balance sheet, industry-leading operations, partnerships of real depth, and people who maintained the standards this group is known for, even under the most demanding conditions.

"Behind every result are 57,800 people, working across more than 90 countries. In the final weeks of the financial year, many of them were managing an active crisis with a standard of professionalism that defines this organisation as much as any financial metric, and it deserves to be recognised.

"We are actively rebuilding our global network with the confidence that comes from a balance sheet that has never been stronger, partnerships that proved their depth when we needed them most, and an organisation that has demonstrated, under genuine pressure, exactly what it is capable of.”

Ferry, ferry dumb: Tasmania botches major project

If you order two new high-tech ferries to boost tourism to your island then the first thing you need to do is ensure that you have somewhere suitable for them to dock.

Unfortunately for the tourism industry in Tasmania that did not happen when ferry operator TT-Line ordered two new ferries to run from Devonport, on the north coast of the island, to Geelong, outside Melbourne.

The new Spirit of Tasmania ferries, Spirit IV and V, have been built in Finland by shipbuilder Rauma Marine Construction and have been undergoing testing and preparations to travel to Tasmania after several delays. 

IV has spent several months docked at Leith in Scotland with nowhere to go, and now V is also homeless. 

TasPorts, which operates docking facilities around Tasmania, did not begin construction on the new berth in Devonport until last year and it is not expected to be completed until late 2026 at the earliest.

That left the two ships with no role - and nowhere to berth. The government was left with huge bills to dock the ships in Scotland, It investigated leasing them out but could not find anyone willing to do so.      
Both ships, which will add 40% to freight capacity between Tasmania and mainland Australia, were originally due to be delivered to Tasmania in late 2024.

Former minister for infrastructure and transport Michael Ferguson resigned ahead of a no-confidence motion over his handling of the saga - but he remains a member of the government. 

The former TT-Line chairman Michael Grainger and chief executive Bernard Dwyer also left the company. 

Earlier this month, the government revealed one of the projects central to the cost blowouts and delays - the construction of the new berth - had blown out by over $100 million on the most recent estimate. 

Initially quoted at $90 million prior to 2024, the berth construction cost was estimated at $375 million last year, and that figure has now been revised to $495 million.

Last week, the flailing Tasmanian Government revealed that both new ships have issues with their LNG (liquefied natural gas) systems.

The state’s Minister for Transport Eric Abetz said TT-Line has advised the problems will “take some time” to fix, and will again delay the duo of vessels’ arrival in Australia from Finland.

"RMC has advised TT-Line that the issue needs further assessment and rectification, and as a result Spirit IV will not depart for Australia until the work is completed," Abetz said.

"The government is awaiting further details in relation to a new expected departure date, but it is understood that this work will take some time."

Abetz said that any necessary repair costs will be covered under warranty with RMC, and that TT-Line had representatives on the ground in Finland and was engaging with the company.

Abetz had previously said in June last year: “All going well, we expect that the first of the new ships will be ready for delivery in Q3 of 2024, commencing its journey to Tasmania not long after.”

That proved wildly optimistic.

 
Repairs are also being made after a gas bottle was sucked from the seabed into the thrusters of one of the new ferries during testing

The LNG blow has added to delays previously caused by port construction blowouts and bad weather, delivering a sizeable hit to the Tasmanian tourism economy and anger among those exporting goods from the island state.

 It has also sparked comments that Tasmania should change its slogan to "State of Inertia" and has been described by an opposition MP as "the biggest infrastructure stuff up in Tasmania's history".    

Spirit of Tasmania: a major step forward or a ferry bad mistake?

Melbourne is a global city, alive with art, culture, fashion and gourmet attractions.

Geelong is a very nice place, but has none of these attributes.

But anyone wanting to catch a ferry from Tasmania to the Australian mainland will no longer be docking in Melbourne.

As of October 22, the Spirit of Tasmania ferry from Devonport to the mainland will bid farewell to Station Pier, Port Melbourne, and operate from a new "state-of-the-art" terminal, the Spirit of Tasmania Quay at Corio Bay in Geelong (above).

The TT Line, which operates the ferries, is beside itself with excitement, saying: "The brand-new, purpose-designed Spirit of Tasmania Quay terminal will be fitted with cutting-edge technology and exceptional facilities for an enhanced travel experience.

"With easy access and ample parking, undercover areas for vehicles, seamless boarding and security processes, and comfortable passenger lounge with a café and children's play area, our new Geelong terminal will make your journey truly unforgettable." 

Unfortunately, a lot of regular passengers, who actually want to go to Melbourne, are less than thrilled, as was underlined by a story in The Age newspaper this week.

The final sailing from Melbourne will depart Station Pier on the evening of Saturday, October 22, and the first sailing will arrive in Geelong at Spirit of Tasmania Quay on the morning of Sunday, October 23.

The change comes after 37 years and many people are asking a one-word question. Why?

Even the Spirit's own website is not sure how foot passengers will make their way from the new Quay in North Geelong to the city of Melbourne. 

"GeelongPort is working with the Department of Transport and City of Greater Geelong to investigate opportunities to connect Spirit of Tasmania Quay to surrounding transport hubs and popular destinations," it says.

The closest stations are North Shore Station and North Geelong Station.

The problem is that a simple look at Google Maps shows these are a 1.4km and 1.9km walk respectively from the terminal. That's a fair walk in the rain with a suitcase.

And people in the transport industry point out that freight will now have to go by road to and from Geelong, sometimes in peak-hour traffic, rather than being loaded and unloaded right on the Melbourne waterfront. 

Oops! But I'm sure someone has done well out of the new $135 million, 12-hectare passenger and freight terminal.