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Qantas declares record pre-tax profit

SYDNEY: August 24, 2016. Qantas Group has reported a pre-tax profit of A$1.42 billion for the 12 months ending June 30, 2016 – the best result in its 95-year history according to CEO Alan Joyce.

The airline said Qantas Domestic and Jetstar produced a record combined EBIT of A$820 million for the year while the EBIT for Qantas International was A$722 million, up A$374 million from 2015.

Qantas HeritageJoyce said the airline group had "unlocked" A$1.66 billion in permanent cost and revenue benefits since early 2014, including A$557 million in the last 12 months. The company is expecting to realize A$2.1 billion in savings by June 2017.

While domestic and international services saw profit increases, Qantas Freight reported a 44 percent drop in underlying EBIT to A$64 million, due to what Joyce described as difficult global cargo markets and the end of favorable legacy agreements with Australian Air Express that hit yields.

"However, the business is well-positioned for the future," he declared. "New long-term deals with Australia Post and Toll, the country's two biggest freight customers, are in place in the domestic market. Qantas Freight is also pursuing new opportunities internationally, in particular on triangular Australia–China–US routes."

The airline expects to increase international capacity by four percent in the first half of its 2016/2017 financial year from increased aircraft utilization.

"The Qantas Group expects to continue its strong financial performance in the first half of financial year 2017, in a more competitive revenue environment. The long-term outlook for the Group is positive," Joyce added.

(Pictured: Qantas took delivery of its first aircraft, an Avro 504K, in January 1921. Alexander Kennedy, an 84-year-old outback pioneer, became the first Qantas passenger on November 02, 1922, flying on part of the inaugural mail service between Cloncurry in northern Queensland and Charleville, just over 1,000 kms to the south.)

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