Qantas announces strong full year profit

Qantas posted its strongest profit since before the Global Financial Crisis, a AU$505m capital return to shareholders and a Boeing 787 Dreamliner order to start a new era for Qantas International. For the 12 months to 30th June 2015, Qantas reported an Underlying Profit Before Tax of AU$975m and a Statutory Profit Before Tax of AU$789m. The underlying result is a turnaround of AU$1.6bn compared with financial year 2014, including Qantas’ best ever second half performance, with all segments of the Qantas Group reporting robust profits and returning their cost of capital. The driving force behind the result was progress with the Qantas Transformation program, which realised AU$894m in transformation benefits during the year and saw Qantas meet its target of paying down more than AU$1bn in net debt. As a result, Qantas has reached its optimal capital structure – enabling it to resume shareholder returns while continuing to invest in growth and renewal. Chief executive Alan Joyce said the milestone acquisition of the next-generation Dreamliner for Qantas International marked the scale of Qantas’ turnaround and signalled a new phase of renewal and growth. Qantas will acquire eight Boeing 787-9 aircraft, to be delivered from calendar year 2017 and gradually replace five older Boeing 747s.