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TD breaking news – Qantas reports record $1.4 billion pre-tax profit

Best result in the airline’s 95-year history. 

Qantas has just released its financial results for the year to 30 June, with record profits recorded across the board. The statutory profit before tax was $1.42 billion – an increase of 80% year on year – and the “underlying profit before tax” figure used to gauge performance internally was $1.53 billion, up 57%.

CEO Alan Joyce said the performance means Qantas can resume paying dividends, reward 25,000 employees with a one-off cash bonus and “continue investment for customers”.

Total underlying domestic EBIT, including both Qantas and Jetstar operations – was a record $820 million, while the corresponding figure for the international division was $722 million, and Qantas Loyalty also turned in a record result.

Joyce said the result showed the success of the Qantas strategy to build a strong and sustainable future. “Our transformation program is paying dividends for our shareholders, our customers and our employees,” he said.

A fully franked final ordinary dividend of 7c per share will be paid on 12 October. About 25,000 staff covered by an EBA that included the 18 month pay freeze under the Qantas Transformation Program will receive a one-off $3,000 Record Result Bonus.

Joyce said the Qantas Group is planning for a 2-3% capacity increase in the first half of FY2017 driven by increased aircraft utilisation – flat in the domestic market but up about 4% on international routes. The company also announced that going forward it would provide quarterly trading updates including traffic statistics, replacing the current monthly traffic figures.

More details in today’s issue of Travel Daily.


The above Breaking News Alert was sent to Travel Daily subscribers on 24 Aug 16

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