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Qantas reports FY net profit in quick turnaround from big loss
[SYDNEY] Qantas Airways Ltd on Thursday reported a return to full-year profit on the back of a tough cost-cutting programme and tailwinds from cheaper fuel costs, one of the quickest turnarounds in Australian corporate history.
Qantas said underlying profit before tax was A$975 million (S$1 billion), compared with a A$646 million underlying loss a year ago. The result was slightly under analyst consensus for a A$982 million profit but brought Qantas close to the psychologically important A$1 billion mark last reached in 2008.
Revenue rose 3 per cent to A$15.82 billion.
The so-called Flying Kangaroo has been aggressively slashing costs by axing thousands of jobs, cutting capacity and overhauling its frequent flyer program.