Qantas share price dips amid record delays

a small boy sits alone with his brightly coloured suitcase next to him in a deserted airport while he rests a hand against his head and looks down into his lap as though he is weary.a small boy sits alone with his brightly coloured suitcase next to him in a deserted airport while he rests a hand against his head and looks down into his lap as though he is weary.

The Qantas Airways Limited (ASX: QAN) share price is in the red today amid record delays and Indonesia border closure calls.

Qantas shares are falling 0.87% and are currently trading at $4.57 apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.02% today.

Let’s take a look at what is happening with Australia’s national airline.

Flight delays

The Qantas share price is down, but it is not the only ASX 200 travel share descending today. The Flight Centre Travel Group (ASX: FLT) share price is down 1.13%, Webjet Limited (ASX: WEB) shares are falling 0.73%, and the Regional Express Holdings Ltd (ASX: REX) share price is sinking by 4%.

On-time performance figures from BITRE in June reveal only 59.4% of Qantas network planes arrived on time. This means 40.6% were late. Meanwhile, 20% of Rex planes were late compared to 38.2% of Virgin Australia planes and 40.5% of Jetstar planes.

Overall, 37% of flights from all airlines combined arrived late, the worst result on record. Commenting on these results, BITRE said.

These are the worst on time performance figures recorded since recording commenced in November 2003.

This month’s figures were impacted by weather related events, congestion and other COVID-19 related issues.

In terms of cancellations, 7.5% of planes cancelled were Qantas services, compared to 5.8% Virgin, 5.5% Jetstar, and 0.7% Regional Express. The majority of these cancellations were between Sydney and Melbourne.

Border closure calls

Meanwhile, Opposition home affairs spokesperson Karen Andrews is calling on Australia to shut the borders to Indonesia, Sky News reported.

Commenting on the threat of foot and mouth disease, Andrews said: “If we get foot and mouth disease into this country, it will take us potentially years to recover.”

Agriculture Minister Murray Watt announced on Wednesday that sanitised foot mats will be placed at international airports for flights from Indonesia.

Qantas share price snapshot

The Qantas share price has climbed 0.66% in the past year, while it has fallen nearly 9% year to date.

For perspective, the ASX 200 has shed nearly 8% in a year.

Qantas has a market capitalisation of about $8.6 billion based on the current share price.

The post Qantas share price dips amid record delays appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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