Further evidence of the tough conditions facing international airlines emerged in Australia on Tuesday after flagship carrier Qantas Airways Ltd. said it will post a full-year loss and the president of Emirates, the Middle Easts largest airline, warned of a perfect storm in the industry that could force many airlines to downsize. 有关国际航空公司面对险恶环境的更好证据周二在澳大利亚显露。此前，澳大利亚旗舰航空公司澳洲航空公司(Qantas Airways Ltd.，全称澳航)说道将发布全年亏损的数据，而中东仅次于航空公司阿联酋航空(Emirates Airline)的总裁也警告说道，航空业有可能经常出现被迫很多公司瘦身的“极致风暴”。

Qantas is forecasting as much as a 91% slump in pretax earnings for the fiscal year ending June 30 amid a drop in passenger numbers. The airline is trying to restructure its unprofitable long-haul business and cut costs in areas such as staffing, aircraft maintenance and fuel.澳航称，由于乘客人次增加，预计在截至6月30日这一财年公司税前收益下降幅度或将超过91%。该公司目前于是以希望将其不盈利的长途飞行业务展开重组，同时在人员、飞机确保和燃料等方面缩减成本。Higher fuel costs and a treacherous economic environment are weighing on global airlines, including Qantas and Emirates Airline. Asias carriers last year earned 47% less in net profit than in 2010, at US$4.8 billion, according to the Association of Asia Pacific Airlines. Last month, Cathay Pacific Airways Ltd. said it was considering whether to accelerate the retirement of aging aircraft after it warned of disappointing first-half financial results. Singapore Airlines Ltd. and Korean Airlines recently posted quarterly losses, forcing both to rethink schedules and adjust aircraft deployment to boost profits.大大下跌的燃料价格和暗流涌动的经济环境令其全球航空公司承压，还包括澳航和阿联酋航空。

据亚太航协(Association of Asia Pacific Airlines)统计资料，亚洲航空公司去年构建净利润48亿美元，较2010年跌到47%。国泰航空有限公司(Cathay Pacific Airways Ltd.)上个月说道，正在考虑到否减缓老化飞机的出局速度。

该公司此前曾警告说道，今年上半年的财务业绩有可能令人沮丧。新加坡航空公司(Singapore Airlines Ltd.)和大韩航空(Korean Airlines)前不久也发布了季度亏损，因此皆被迫为提升利润而重新考虑航班决定并调整飞机调度问题。Even fast-growing Middle East airlines, once perceived to be immune from global trends, have started to voice concern about business conditions. Its a perfect storm of adversity now facing airlines, Tim Clark, president of Dubai-based Emirates Airline, said in an interview. The euro is going south, the pound is going south, fuel costs are still too high.Agence France-Presse/Getty Images燃油成本和日益低迷的经济于是以给亚太地区的航空公司带给困难。

图为新加坡，一名澳航的飞行员正在检查一架空客飞机的尾部。就连快速增长的中东地区的航空公司也开始对航空业面对的环境回应忧虑。这些航空公司一度被指出不不受全球趋势的影响。总部坐落于迪拜的阿联酋航空的总裁克拉克(Tim Clark)拒绝接受专访时说，欧元正在走弱，英镑也在走弱，当前的燃料价格依旧太高。

Amid those challenges, though, Abu Dhabi-based Etihad Airways said Tuesday it has bought a nearly 4% stake in Qantas rival Virgin Australia Ltd. Shares in Virgin Australia closed at 41 Australian cents (40 U.S. cents) each Monday, leaving the company with a market capitalization of 906.2 million Australian dollars (US$881.5 million). That gives an implied valuation of A$35.9 million on Etihads 3.96% stake.尽管面对着众多挑战，总部坐落于阿布扎比的阿提哈德航空公司(Etihad Airways)周二仍说道，该公司并购了与澳航的竞争对手维珍澳大利亚航空公司(Virgin Australia Ltd.)近4%的股份。维珍澳大利亚航空的股价周一收于每股0.41澳元（合0.40美元）。

按照这个价格推算出，该公司的市值为9.062亿澳元（合8.815亿美元），而阿提哈德航空并购该公司3.96%的股份应当花上了3,590万澳元。A spokesman for Etihad said it would like to raise its holding to at least 10%. Etihad operates 24 flights a week between Abu Dhabi in the Persian Gulf and Australia.阿提哈德航空的发言人说道，期望将对维珍澳大利亚航空的股权比例提升至最多10%。

阿提哈德航空每周有24个航班来往于阿布扎比和澳大利亚。阿布扎比坐落于波斯湾(Persian Gulf)。

Mr. Clark of Emirates cautioned that many global carriers could be forced to retrench. Last month, Emirates said its latest fiscal-year net profit fell 72% after the company took a US$1.6 billion hit from high fuel costs. Mr. Clark added Tuesday that the price of Brent crude oil will need to drop to between US$80 and US$90 a barrel, from about US$100, to revive margins.克拉克警告说道，全球很多航空公司有可能都会不得不传输支出。阿联酋航空上个月说道，公司最近一个财年的净利润跌幅约72%，高昂的燃油价格使得成本上升了16亿美元。

克拉克周二还说道，布伦特原油价格要从目前的每桶大约100美元跌到至80至90美元，才有可能完全恢复原本的利润率。The International Air Transport Association in March cut its forecast for airlines2012 net profit to a combined US$3 billion, off from US$3.5 billion in an earlier estimate.国际航空运输协会(International Air Transport Association)今年3月将其对全球航空公司2012年净利润的预测从此前估算的35亿美元上调至30亿美元。

Concern that Qantas will need to raise funds to retain its investment-grade debt rating helped drive the companys shares to a record low Tuesday. The stock ended down 19% at 1.16 Australian dollars (US$1.13) a share after the profit warning. Chief Executive Alan Joyce said Qantas has a cash balance of more than A$3 billion and an undrawn debt facility of A$300 million that it can draw on if Europes economic problems turn global, hitting commercial aviation.周二，由于市场担忧澳航必须筹集资金以保持其投资级的债务评级，其股价因此被拉低至纪录低位。在公司收到盈利预警之后，澳航股价收盘跌到19%，至1.16澳元（约合1.13美元）。

澳航的首席执行长乔伊斯(Alan Joyce)说道，澳航的现金余额多达30亿澳元，还并未动用的信贷额度有3亿澳元，如果欧洲的经济问题影响到全球，冲击到商业航空市场，那么澳航可以动用这些信贷额度。Still, Mr. Joyce said Qantas has the flexibility to reinstate or further reduce capital investment as appropriate.不仅如此，乔伊斯还说道澳航享有一定的灵活性度，需要新的展开或更进一步削减资本投资，以将其维持在必要的水平。

The airline already plans to delay two deliveries of A380 superjumbo jetliners, valued at US$390 million each at list prices, from the Airbus unit of European Aeronautic Defence Space Co. Qantas in August ordered as many as 110 single-aisle A320 Airbus jets, valued at US$9 billion at list prices, in the biggest single aircraft order in Australian history. The order included 78 A320neos, the more fuel-efficient version of the A320, that Qantas will operate primarily on domestic and Asian routes. Qantas is also awaiting delivery of 50 Boeing Co. 787 Dreamliners.澳航早已计划延期从欧洲航空防务和航天公司(European Aeronautic Defence Space Co., 全称EADS)旗下的空中客车公司(Airbus)接管两架A380超大型客机，按目录价格计算出来，每架客机的售价为3.9亿美元。去年8月，澳航采购了多达110架空客单过道A320客机，按目录价格计算出来，订单价值约90亿美元。

这是澳大利亚历史上单笔额度最低的飞机订单。订单中还包括78架A320neo。A320neo是A320的改款机型，其燃油效率更高。

澳航将主要在国内和亚洲航线上用于A320neo。澳航也正在等候波音公司(Boeing Co.)交付给50架787梦想客机(787 Dreamliner)。As of June 30 last year, Qantas had net debt including off balance-sheet liabilities of 6.97 billion Australian dollars (US$6.78 billion). The airline said Tuesday that its pretax profit could fall as much as 91% to A$50 million for the fiscal year ending later this month. Most analysts had expected pretax earnings of about A$300 million.截至去年6月30日，澳航的净债务（还包括表外负债）超过了69.7亿澳元（约合67.8亿美元）。

澳航周二回应，在截至今年6月底的这一财年其税前利润降幅有可能高达91%，至5,000万澳元。大多数分析师此前预计澳航这一财年的税前利润需要超过大约3亿澳元。

People were aware of the economic environment but its really starting to bite into earnings, said Angus Gluskie, managing director of White Funds Management, which holds a small stake in Qantas. Its also biting into cash flows. Its highly likely youre going to see them needing capital very shortly.White Funds Management的董事总经理格拉斯基(Angus Gluskie)说道，人们早已意识到经济环境很差，但这早已开始影响到公司利润，同时还影响到现金流；你很有可能将不会看见这些公司立刻必须资金的情况。White Funds Management持有人澳航少数股份。Qantas is seeking to turn around its unprofitable long-haul business, which the carrier aims to return to break-even by 2014. To stem losses, the airline is terminating poorly-performing routes, cutting thousands of jobs, consolidating engineering and catering bases, and establishing joint ventures in Asia such as Jetstar Japan and Jetstar Hong Kong. 澳航正试图改变长途航线无法盈利的状况，澳航的目标是到2014年前该项业务需要新的构建盈亏均衡。

为了遏止亏损，澳航关闭了业绩不佳的航线，缩减了数千个就业机会，拆分了工程和餐饮基地，在亚洲成立了捷星日本(Jetstar Japan) 和捷星香港(Jetstar Hong Kong)等合资企业。Despite Tuesdays profit warning, the status of the companys investment-grade rating is likely to be dependent on the outcome of the airlines strategic review. Very importantly from a credit perspective is the trend in cash flow over the next two years, said May Zhong, a credit analyst at Standard Poors.尽管周二发布了盈利预警，但澳航能否挽回投资级的债务评级有可能各不相同澳航战略审查的结果。标准普尔(Standard Poors)的信用分析师May Zhong说道，未来两年澳航的现金流变化趋势对其信用评级十分最重要。

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