Qantas annual profit soars as Joyce nears end of turnaround plan

[SYDNEY] Qantas Airways reported a jump in annual profit and announced its first dividend since 2009 as Chief Executive Officer Alan Joyce's turnaround programme enters its final year.

Earnings before tax and one-time items surged to A$1.53 billion (S$1.57 billion) in the 12 months ended June 30 from A$975 million a year earlier, the airline said in a stock exchange filing on Wednesday. Analysts had expected A$1.57 billion in profit.

The airline said it will pay a final dividend of 7 Australian cents a share, the first such payment since 2009. It also announced a stock buyback of as much as A$366 million.

BLOOMBERG