Qantas achieves first post-pandemic full-year profit

QANTAS is celebrating a “substantial turnaround” in its financial performance over the past year, with the airline announcing its first full-year profit since the pandemic. The FY23 results reflect an impressive statutory after-tax net profit of $1.74 billion, with an Underlying Profit Before Tax of $2.47 billion.

“Flight delays and cancellations have largely returned to pre-COVID levels and we’ve shifted from heavy losses to a strong profit and pipeline of investment worth billions of dollars,” Qantas Group CEO Alan Joyce commented. “It’s because we’re in a strong financial position that we’re able to invest in new aircraft, new destinations and new training facilities – all things that will make us better in the future.”

At the same time, the Aussie flag carrier revealed it has placed a multi-billion-dollar order for a further 24 widebody aircraft as part of its jet fleet renewal program, which will see its older A330 and A380 fleet phased out. The order includes four Boeing 787-9s and eight 787-10s, which it will begin receiving in FY27, and 12 Airbus A350-1000s, with deliveries starting in FY28.

As part of the deal with both Airbus and Boeing, the airline will also secure access to up to 500 million litres of sustainable aviation fuel (SAF) per year starting from 2028, with the potential to meet up to 90% of the Group’s interim SAF target for 2030.

Off the back of its strong financial results, the carrier has launched a ‘mega sale’, offering more than one million discounted fares to around 90 destinations across Australia and the world. Qantas flights are up to 40% off, including return tickets from Sydney to London for $1,799, while Jetstar fares will be up to half price, with domestic services starting from just $29 one-way.

Additionally, members of the airline’s loyalty program who have flown at least one Qantas flight in the past 12 months will be given a choice of either 1,000 Frequent Flyer Points or 30 Status Credits, while customers who have flown 10 or more times will be gifted 5,000 Qantas Points or 75 Status Credits.

Rounding out the big announcements from Qantas today, former Secretary of the Department of Industry, Innovation and Science, Dr Heather Smith, has been appointed to its board as Non-Executive Director. Backed by 20 years of experience in the Australian Public Service, she is also the Non-Executive Director at the ASX, and the National President of the Australian Institute of International Affairs.

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