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Qantas reports $2.47 billion pre-tax profit

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Qantas reports $2.47 billion pre-tax profit
Australia’s national carrier has reported a huge return to profit, against a backdrop of high airfares.

Qantas reported a pre-tax profit of $2.47 billion which becomes an after-tax profit of $1.74 billion.

This is the first annual profit for the airline since the pandemic began and comes off the back of 132 per cent increase in flying compared to last financial year and strong travel demand – despite major escalation in airfares.

The airline has said it will share its success with its employees, shareholders and customers and will continue to invest in the customer experience.

“These results show a substantial turnaround in both our finances and service over the past year,” said outgoing Qantas Group CEO Alan Joyce.

“Flight delays and cancellations have largely returned to pre-COVID levels and we’ve shifted from heavy losses to a strong profit and pipeline of investment worth billions of dollars.

“We safely flew almost 70 billion more seat kilometres and doubled the number of people we carried to 46 million compared to the year before. Travel demand is incredibly robust and we’ve taken delivery of more aircraft and opened up new routes to help meet it.

“It’s because we’re in a strong financial position that we’re able to invest in new aircraft, new destinations and new training facilities – all things that will make us better in the future.

“Our people have done a superb job under very difficult circumstances. Today’s result means more than 21,000 non-executive staff will receive up to $6,000 worth of Qantas shares as a thank you for their part in our recovery, plus another $500 staff travel credit. This is in addition to a $5,000 cash payment to eligible employees as new enterprise agreements are finalised.”

Coinciding with the announcement of its significant profit, the airline group has announced a sale of more than a million seats across both its domestic and international services – including Jetstar – with fares discounted by up to 40 per cent.

Qantas says fares are now in price decline and that domestic fares are now only four per cent higher than pre-pandemic and international flights are 10 per cent higher – when adjusted for inflation.

The carrier has also confirmed an order for 24 new aircraft to service its international routes, with 12 Airbus A350s and 12 Boeing 787s to begin arriving in the 2027 financial year. As part of the deal with both manufacturers, Qantas has also locked in 500 million litres of sustainable aviation fuel per year from 2028, which will contribute up to 90 per cent of the lower-carbon fuel the airline needs to meet its SAF targets for 2030.

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