Qantas full-year net soars 50%
Wednesday 16/08/2017 - Source: NDTV Profit
Australia's flagship Qantas Airways Ltd reported a 50 per cent increase in annual profit to a record AUD719.4 million, despite a 19 per cent hike in its annual fuel bill because of higher oil prices.
Profit for the fiscal year ending June 30 rose from A$479.5 million the previous year as revenue rose 11 per cent to A$15.17 billion. Qantas' pretax profit was A$1.03 billion, in line with market expectations.
The airline is expecting pretax profit to be around 30 per cent higher for the year ending June 30, 2018 after a strong start to the new year, said Chief Executive Geoff Dixon.
"The first six weeks of 2017-08 have been very strong for all our flying businesses and forward bookings are equally buoyant through to the end of the calendar year," Dixon said.
"Qantas' two-brand strategy, with Jetstar as a low-cost offshoot, was a key driver of the improved full year result," he said.
He further added that fuel costs remained an enormous challenge for the aviation industry, with the airline's fuel bill rising A$500 million to A$3.3 billion in the last fiscal year.
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