Prospering Qantas doubles yearly net profit

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first_imgThe Qantas Group today announced its results for the year ending June 2011 reporting an underlying profit before tax of AU$552 million, up 46 per cent on the year prior.  The Group’s overall revenue for the year rose eight per cent to $14.9 billion.   With a spate of natural disasters, a 28 per cent increase in average fuel prices and “an underperforming international business” in mind, Qantas chief executive Alan Joyce called the results “very solid” with “earnings growth in all segments”.“Today I want to send a clear message that the Qantas Group is strong, resilient, and prospering,” Mr Joyce said.“This result reflects the strength of the Qantas Group’s portfolio and is our best performance since the global financial crisis.”Highly encouraging for the Group was Qantas’ underlying EBIT (earnings before interest and taxes), which grew a whopping 240 per cent to $228 million.   In total, the Group flew 44.5 million passengers over the year, a seven per cent increase on the year before, whilst load factor was slightly down at 80.1 per cent.  Available Seat Kilometres for the Group rose seven per cent to 133,281 million, with Revenue Passenger Kilometres growing 6 per cent to 106,759 million.The impact of natural disasters cost the airline Group $224 million. Jetstar achieved underlying EBIT of $169 million, up 29 per cent on the year before, with overall capacity growing by 19 per cent. Total passenger numbers for the low cost carrier grew by 14 per cent.Qantas Frequent Flyer, described by Mr Joyce as “the glue binding operations together”, recorded underlying EBIT of $342 million, the highest amongst the airline’s divisions.Statutory results for the Group show a loss on transaction costs relating to the Jetset Travelworld Group merger of $29 million, whilst profits on the sale of Harvey Holidays earnt the Group $4 million.Statutory Profit Before Tax grew a massive 81 per cent to $323 million. Qantas: working in an ‘extremely volatile’ operating environment Source = e-Travel Blackboard: M.Hlast_img

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