Qantas profit is second-highest ever
Qantas has achieved its second-highest profit in its 97-year history following a successful three-year turnaround.
"Today’s announcements show this plan has well and truly paid off," said chief executive Alan Joyce.
"It’s delivered AU$3.5 billion in cumulative underlying profit, record customer satisfaction and the opportunity for Qantas to grow."
Underlying profit before tax for the 2017 financial year was $1.4 billion, down 8.6% from 2016 when profit reached a record $1.53 billion.
The result, just above a guidance given in May, was attributed to its strong domestic arm.
Meanwhile, Qantas said its international business was operating in a ‘very competitive’ environment, with ‘competitor capacity growth and sharper pricing activity’.
Qantas said it would pay bonuses of $2500 to around 25,000 non-executive staff, including pilots, cabin crewground crew and office staff. Part-time staff will get $2000.
The airline’s operating profit margin is 9.9% compared with the airline industry average of 4.4%, it said.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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