The flying kangaroo announced a half-year net profit of $352m, more than doubling last year's $153m. An interim dividend of eight cents fully-franked (ex-date 5 Mar) was declared, matching last year. Management claimed the company will face trouble if war breaks out in Iraq – no surprises there – and announced a plan to cut costs, including staff. Either way, it's the perfect excuse to keep the unions at bay. For the reasons we've harped on about so often in the past, we dislike the airline industry and we're not likely to change our opinion now. The stock is down 17% since issue 120/Feb 03 (Hold/Steer Clear - $3.89). Those that have held Qantas for this long can continue to HOLD, otherwise STEER CLEAR.