Qantas has announced net profits of $58 million (£33 million) for the second half of 2009 - well below the results it had predicted and the lowest profit the carrier has made for a decade.

Qantas announced a three-year cost reduction programme in August 2009 and has just revealed it will be cutting first class seats from all but a few of its routes.

However the carrier has successfully been able to maintain profitability in what still remains to be a difficult global economic climate.

The airline's CEO, Alan Joyce made the following statement:

“Our two-brand strategy, focused on growing Qantas and Jetstar, is not only delivering benefits to our customers, but also to our shareholders. Qantas, in particular, has benefited from the capacity reductions and restructuring activities implemented since April 2009, with substantial cost savings achieved during the current half-year and a range of revenue growth opportunities.

Discussing its fleet strategy, Joyce said: "While we took well-timed and prudent action to review and change aircraft orders and deliveries, we remained committed to a long term fleet renewal, with more than 160 new aircraft to be delivered over the next 10 years, including new aircraft such as the B787 and more A380s, giving the Group access to operational cost savings, growth and new market opportunities.”

During the 2nd half of last year, the Group took delivery of 13 new aircraft – 2 A380s, 1 A330, 3 B737- 800s, 2 A320s and 5 Q400s.

Joyce announced that Jetstar had a "record half-year" during this period, increasing capacity by 32.9 per cent across its network.