Tim Hornibrook: Qantas profit soars even as fuel costs rise

Qantas has recorded a 15 per cent increase in annual profit due to strong demand for travel and an easing of capacity wars that had dented domestic flight profit margins in earlier years.

The airline made a full-year net profit after tax of $980 million, versus $852 million the year before.


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The company’s preferred measure of “underlying profit before tax” also rose from $1.4 billion to $1.6 billion, which is a record for Qantas.

Its profit result was based on a billion-dollar increase in revenue to $17.06 billion, and comes despite a rise in jet fuel prices.

“We’re seeing healthy demand across key sectors matched with improving levels of capacity discipline, which is a positive sign for the year ahead,” Qantas chief executive Alan Joyce noted in the report.


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“This record result comes despite higher oil prices. We’re facing another increase to our fuel bill for financial year 2019 and we’re confident that we will substantially recover this through a range of capacity, revenue and cost efficiency measures, in addition to our hedging program.”

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