Shares of Qantas Airways (ASX:QAN) decrease as much as 2.26% to A$5.180, hitting their lowest value since October 12, 2022.
The airline company stated that increasing fuel prices are anticipated to surmount its fuel expenditures by around A$200 million ($128.88 million) in the initial half of FY2024.
Additionally, the company projects an extra A$50 million impact due to non-fuel-related foreign exchange fluctuations in the first six months of the current fiscal year.
Out of 15 analysts, 13 rate the stock ‘buy’ or higher while two suggest ‘hold’, and their median price target is A$8.69 based on LSEG data.
If the degradation persists, the stock is poised for its worst daily performance since September 7.
Further, if the declining trend continues, it will be the fifth consecutive trading session of losses.
As of the last close, QAN shares are down 11.7% for the year.
Qantas Airways (ASX:QAN) is an Australian flag carrier that provides international and domestic air travel services.