National carrier’s best result fueled by strong domestic performance.
Qantas has revealed a record pre-tax profit of $1.6 billion for the 2017/18 financial year, amid healthy demand and a strong performance in the domestic sector.
The profit is up 14% on last year and 5% higher than the airline’s last record profit in 2015/16.
In its domestic operations, Qantas and Jetstar achieved an underlying profit of $1.1 billion, 25% up on last year and a new record for the business. Internationally, Qantas achieved a 7% increase in earnings off the back of a 4% increase in capacity, and “maintained its margin in the face of strong competition and higher fuel prices”.
“These numbers show a company that’s delivering across the board,” said group chief executive officer Alan Joyce.
“Our investment in free wi-fi and cabin improvements are delivering a better experience for customers as well as higher earnings for Qantas and Jetstar. The overall value for the travelling public remains extremely strong, with domestic sale fares almost 40% lowest in real terms than they were 15 years ago.”
Qantas also announced an extension of its global lounge improvement program, with six additional ports to be upgraded. It also committed to create a second pilot academy facility in regional Australia.
See today’s Travel Daily for more details.