Qantas flying high as profits more than treble

Qantas flying high as profits more than treble

Qantas shareholders are set for another windfall after the airline launched a $500 million buyback along with a record first half profit.

Net profit for the six months to December 31 was $688 million, more than three times the $203 for the same time last year, and more than Qantas made in the whole of the last full financial year.

The result was boosted by $448 million in savings through the airline hedging on lower fuel prices and $261 million in cost and revenue benefits it attributed to its ongoing restructuring.

Underlying profit before tax was $921 million, in the upper end of the airline’s guidance of $875 million to $925 million.

Qantas opted against paying an interim dividend and instead will hand over cash to shareholders in the form of a buyback to start in March.

“The strength of our performance and balance sheet means we can continue to reward our shareholders for their confidence in our business,” chairman Alan Joyce said.

The airline already handed back the vast majority of the $557 million full year net profit announced in August to shareholders in the form of a 23 cents per share cash distribution.

Meanwhile, Qantas confirmed a raft of changes such as the deployment of on board wifi across its domestic fleet, which will tap into the National Broadband Network with trials to begin late this year.

The airline will also open a new premium lounge at London Heathrow Airport in the first quarter of 2017.

A pilot recruitment program is also now underway, with the airline to commence Boeing 787-9 Dreamliner operations in late 2017.

QANTAS’ RECORD FIRST HALF

* Net profit up 239pct to $688mn

* Revenue up 5.0pct to $8.463bn

* No interim dividend

Latest News

  • Destinations
  • News

APT Launches 2025 Asia Adventures

APT has launched its Asia Adventures for 2025, including new luxury holidays in India, Sri Lanka and Japan. Five new tours lead guests to the highlights of India, including a seven-night cruise along the rarely travelled Lower Ganges aboard the Ganges Voyager. Further south, Sri Lanka’s greatest destinations are revealed on a new 15-day Land […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]