QANTAS posted its first full year statutory profit since the 2019 financial year.
The company reported an underlying profit before tax of $2.47 billion and an after-tax profit of $1.74 billion.
The company posted combined losses of $7 billion over the prior three years.
The company’s international operations, including freight contributed an underlying EBIT of $1.055 billion.
Qantas Freight’s revenue for the 2023 financial year was at $1.38 billion, a decrease of 30% on the previous year’s revenue of $1.96 billion. However, this past year’s revenue was still well above the (pre-Covid) 2019 financial year’s revenue of $971 million.
A statement from the company said freight performance “moderated from a record in financial year 2021-22 as international yields adjusted to increased belly space capacity”.
Qantas CEO Alan Joyce said the results show a turnaround in finances and service.
“We’ve shifted away from heavy losses to a strong profit and pipeline of investment worth billions of dollars,” he said.
“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.”
Qantas also announced it had ordered 24 new aircraft for its international fleet.
The company expects the 12 Airbus A350s and 12 Boeing 787s to begin arriving from the 2027 financial year, and into the next decade.
In addition to the new order Qantas has several new aircraft scheduled for delivery in the coming years, including two A321 converted freighters, which are expected to arrive by the end of this year.
