Leading aviation firm of Australia, Qantas Airlines has seen a 4.3% fall in its yearly net profits but says it is hoping for better and productive result for the near future.

The company has earned 112 million Australian dollars in this fiscal year till the end of June. The sales of the company fell down by 5.7% to 13.8 billion Australian dollars because of the global recession and low ticket prices due to heavy competition.

In addition the volcanic ash cloud of Iceland played a huge role in the loss of revenues and according to the company it had lost around 46 million Australian dollars because of the disruption.

But the chief executive of Qantas, Mr. Alan Joyce said the continuing recovery in the demand for premium class tickets and leisure travel could push the profits up in the next six months.

Australia was one of those countries whose economy did not fell at the time of global recession. The airline Qantas controls almost two third of the Australian domestic aviation market and handles around 30% of the international passengers flying in or out of Australia.