Qantas posts second highest underlying profit in the company’s history.
Contributors are not employed, compensated or governed by TDM, opinions and statements are from the contributor directly
Qantas has just released its 2016/17 financial results, with a statutory pre-tax profit of $1.18 billion and an “underlying profit before tax” of $1.4 billion. That was 8.6% lower than last year’s record, and slightly ahead of previous forecasts due to a strengthening in the group’s domestic business.
All parts of the Qantas Group delivered strong returns, the company said, with Qantas and Jetstar domestic reaching a combined record $865 million in underlying earnings. Qantas International weathered strong competition and saw improved conditions in the second half of the financial year, with an underlying result of $327 million.
Qantas Loyalty also recorded a record $369 million underlying result, while overall the group “met all the objectives of its financial framework. During the year another $470 million in “transformation benefits” were delivered, outperforming the 3 year $2 billion Qantas Transformation program target by $125 million.
CEO Alan Joyce said the result marked the completion of a turnaround plan which had repositioned Qantas as “one of the most profitable airline groups in the world”.
The results announcement also included a range of initiatives including a major upgrade of the airline’s A380 cabins, a new Melbourne Domestic lounge and an evaluation plan for proposed ultra-long range aircraft for Qantas International which, once developed by manufacturers, would allow non-stop flights from Australia’s east coast to New York and London.
