A $1.5 bil profit the best yet for Qantas

** FILE ** A Tuesday, July 24, 2007 file photo of the tail of a Qantas Boeing 767 in Sydney. Qantas announced they are closing their Maintenance Facility at Avalon, Melbourne, Friday, Nov. 8, 2013. (AAP Image/Paul Miller) NO ARCHIVING
By Kate Webster


Qantas has reported a record $1.53 billion full year underlying profit, up 57% on last year, and a massive turnaround from the $2.8 billion loss posted just two years ago.

The results are the best in the airline’s 95-year history, as it completes one of Australia’s biggest corporate turnarounds.

Qantas chief executive Alan Joyce said the result showed the transformation program was paying off.

“Transformation has made us a more agile business, created value for our shareholders and given us a platform to invest for the future,” Joyce said.

Joyce added that Qantas is stronger than ever, “but we’re also determined to keep changing and adapting so that we can succeed no matter what environment we’re in.”

Qantas Domestic, Qantas International, Jetstar and Qantas Loyalty all reported record results.

Qantas International earnings were up $374 million to $722 million, while the total underlying domestic earnings across Qantas and Jetstar was $820 million (up $191 million).

Since it began its transformation program in early 2014, the airline reported a $1.66 billion in permanent cost and revenue savings, and expects to realise $2.1 billion in benefits by June 2017.

Qantas employees and shareholders will be enjoying the profits, with Qantas Group rewarding 25,000 non-executive staff with a one-off $3000 bonus, and will return a further $500 million to shareholders.

There is also spend on continued investment in aircraft cabins and wi-fi.

Email the Travel Weekly team at traveldesk@travelweekly.com.au

qantas

Latest News