QANTAS SAYS APPETITE FOR TRAVEL BOOSTS PROFIT – Underlying pre-tax profit for the year to end-June rose 15% to A$2.39 billion on the prior year
Top Australian airline Qantas said today that their annual profit jumped by nearly one-sixth as a post-pandemic rebound in domestic travel persisted and flagged higher fares in the current financial year, sending its shares to a record high.
The result and the share market reaction to it show a company riding a tailwind of improved macroeconomic conditions as it seeks to rebuild its reputation after a series of damaging scandals.
Underlying pre-tax profit for the year to end-June rose 15% to A$2.39 billion on the prior year, broadly in line with analyst forecasts.
The result showed that while demand for flights was surging, so was the appetite of travellers for cheaper fares. Pre-tax earnings from its domestic unit were flat on the prior year and from international flights were up 7%, but pre-tax earnings from its budget arm, Jetstar, jumped 55%.
