The Qantas Group has reported a $1.25bn Underlying Profit Before Tax for the first half of FY24, with earnings down 13pc compared to the same period in FY23 due to lower fares and normalizing capacity.
Group Domestic increased flying by 5pc in response to the recovery in business travel, with Qantas Domestic’s Underlying EBIT declining by 18pc to $641 million compared to 1H23.
Qantas International saw a 39pc increase in capacity in 1H24, additional A380 in service, and new routes announced. Unit cost decreased as economies of scale improved. The report says that fares have fallen more than 10pc since peaking in late 2022.
Qantas Loyalty reported an Underlying EBIT growth of 23pc compared to 1H23, reaching $270 million, with significant expansion in members and program partners.
The Group continues to invest in fleet renewal, sustainability, and shareholder returns, with plans for additional aircraft deliveries and a $400 million share buy-back. Headlines from the results:
- Underlying Profit Before Tax: $1.25bn, down 13pc
- Statutory Profit After Tax: $869 million, down 13pc
- Statutory earnings per share: 52 cents, down 4pc
- Net debt: $4.0bn
- Additional on-market share buy-back of up to $400 million announced
- Fares falling as capacity normalises; restart costs unwinding
