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Thursday 13 October 2022

Under-fire Qantas predicts a massive profit

It may have been under fire for poor customer service and a plague of late and cancelled flights but Qantas announced today that it expects an underlying profit before tax of between $1.2 billion and $1.3 billion.

So I'm sure they will be giving back the taxpayer money they were given during Covid. Only joking.

In a press release issued this morning, Qantas insisted operational performance continues to improve with the airline back at or around pre-Covid service levels in first half of October.

Strong travel demand is accelerating the Qantas Group’s recovery, the airline said.

"Based on forward bookings, current fuel prices and latest assumptions about the second quarter, the group expects underlying profit before tax of between $1.2 billion and $1.3 billion for the first half of FY23," the statement said.

"This follows five consecutive halves of heavy losses due to the pandemic and cumulative statutory losses of $7 billion."

Both Qantas and JetStar have announced sale fares starting today, with more than 1 million fares across 67 domestic destinations starting at $35 one-way.

Qantas Group CEO Alan Joyce, said: “It’s been a really challenging time for the national carrier but today’s announcement shows how far we’ve come.

“Since August, we’ve seen a big improvement in our operational performance and an acceleration in our financial performance.

“It’s clear that maintaining our pre-Covid service levels requires a lot more operational buffer than it used to, especially when you consider the sick leave spikes and supply chain delays that the whole industry is dealing with. That means having more crew and more aircraft on standby and adjusting our flying schedule to help make that possible, until we’re confident that extra support is no longer needed.

“Qantas’ operations are largely back to the standards people expect, and JetStar’s performance has improved significantly in the past few weeks and will keep getting better with the extra investments we’re making."

Image: Qantas 

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