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Qantas Group reports record full year profit
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Qantas Group reports record full year profit

– Underlying Profit Before Tax: $1.6 billion (up 14%)
– Statutory Profit Before Tax: $1.4 billion (up 18%)
– Statutory Earnings Per Share: 56c (up 21%)
– Return On Invested Capital: 22%
– Net free cash flow: $1,442 million (up 10%)
– Shareholder return of up to $500 million: 10 cents per share ordinary franked dividend, plus an on-market buyback of up to $332 million
– Bonus for 27,000 non-executive employees, worth a total of $67 million
– Extension of global lounge improvement program –– six additional ports to be upgraded
– Commitment to create a second pilot academy facility in regional Australia.

The Qantas Group has reported an Underlying Profit Before Tax of $1.6 billion for the 2018 financial year – a record for the national carrier.

All parts of the business contributed to the result, helped by healthy levels of demand across key markets, higher revenue and a particularly strong performance in the domestic flying businesses of Qantas and Jetstar.

The result enables the Group to return further capital to shareholders, keep investing for customers and reward its employees with a cash bonus.

CEO COMMENTS

Chief Executive Officer Alan Joyce said the record profit reflected a strong market as well as the benefits of ongoing work to improve the business and build long-term shareholder value.

“These numbers show a company that’s delivering across the board,” said Mr Joyce.

“Our investment in free Wi-Fi and cabin improvements are delivering a better experience for customers as well as higher earnings for Qantas and Jetstar. The overall value for the travelling public remains extremely strong, with domestic sale fares almost 40 per cent lower in real terms than they were fifteen years ago[1] (opens in new window).

“We’re seeing healthy demand across key sectors matched with improving levels of capacity discipline, which is a positive sign for the year ahead.

“This record result comes despite higher oil prices. We’re facing another increase to our fuel bill for FY19 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.

“Ultimately our success relies on the great service and dedication to safety from our people, which is supported by continuing to invest and innovate.

“We’re very pleased to reward our people with a bonus for this fantastic result. It brings the total amount set aside for non-executive employees to over $300 million over the past four years for their part in the Group’s exceptional performance,” added Mr Joyce…

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