Qantas Airways expects 1st-half profit surge

[SYDNEY] Australia's Qantas Airways expects first-half underlying profit before tax to jump to between A$875 million (S$893.1 million) and A$925 million in the first half of the current financial year ending June 2016, it said on Monday.

That is more than double the underlying profit before tax of A$367 million it posted in the year-ago period. In August, the Flying Kangaroo posted one of the fastest turnarounds in Australian corporate history with a return to full-year, pre-tax profit of A$975 million.

The profit boost comes on the back of an aggressive cost-cutting programme, a tailwind from cheaper fuel costs and stronger revenue growth, the airline said in a statement.

Qantas will announce first-half earnings on Feb 23.

REUTERS