June 5, 2012 / 12:20 AM / 5 years ago

Qantas shares dive to all-time low on profit warning

SYDNEY (Reuters) - Shares in Qantas Airways (QAN.AX) dived as much as 18 percent to an all-time low after the Australian flag carrier warned profits would slump by up to 90 percent.

Qantas said soaring fuel prices, industrial action and weak operating conditions due to the European economic crisis would drag profit before tax for the year to June 30 2012 to A$50-A$100 million.

Qantas shares slumped to a low of A$1.16 and last traded down 12 percent at A$1.25.

Reporting by Lincoln Feast; Editing by Edwina Gibbs

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