Qantas focuses on international capacity recovery after record annual profit
AUSTRALIA’S Qantas Airways on Thursday (Aug 24) posted a record annual profit and reiterated its expectations of a complete recovery in its group international capacity to return to pre-Covid levels in the second half of fiscal 2024.
In an effort to enhance customer experience, the country’s flagship carrier announced an order for 24 widebody aircraft – the final piece of the company’s jet fleet renewal programme – allowing the airline to continue investing in fleet expansion.
“Travel demand is incredibly robust and we’ve taken delivery of more aircraft and opened up new routes to help meet it,” Qantas Group CEO Alan Joyce said.
Demand for air travel has boomed since the removal of pandemic-related restrictions and border closures. This, coupled with a shortage of aircraft, parts and labour have all contributed to higher airfares globally, which peaked in the second quarter of the fiscal year 2023.
Qantas said its group domestic capacity is expected to remain above pre-Covid levels throughout fiscal 2024.
The airline posted an annual underlying profit before tax of A$2.47 billion (S$2.16 billion) for the year ended Jun 30, compared to a loss of A$1.86 billion a year ago, posting its first full-year statutory profit since fiscal year 2019.
BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Additionally, its profit was helped by the completion of the group’s A$1 billion recovery programme launched in 2020, in the wake of the Covid-19 pandemic.
The results beat the mid-point of Qantas’ profit outlook of A$2.43 billion to A$2.48 billion, nearly A$850 million higher than its 2018 record levels of A$1.60 billion.
Analysts were expecting a profit of A$2.45 billion, according to Refinitiv Eikon.
Qantas on Thursday announced a share buyback programme of A$500 million.
The company, however, did not announce a final dividend, continuing the trend of non-payment for the past three years. REUTERS
Share with us your feedback on BT's products and services