Qantas profit falls on higher fuel costs, weak domestic travel
Qantas has reported a 6.5% fall in full year profit, as higher fuel costs and weak domestic travel demand bites into its bottom line. The airline said Thursday its profit after tax for the year to June 30 was A$891m. On an underlying basis Qantas' profit before tax was $1.3b - a fall of 17%. Qantas said the result was driven by a $612m increase in its fuel bill, plus another $154m headwind from the weak Australian dollar. Qantas also announced an off-market buyback of almost 80m shares, worth about $400m at its most recent share price. Once completed, the company will have reduced its shares on issue by almost one third since 2015. Profit from Qantas' domestic operations, its biggest earner, were down 3.3%. It cut capacity on domestic routes by 1.5% during the year while its seat factor was flat. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-22/oneworld/qantas-profit-falls-on-higher-fuel-costs-weak-domestic-travel
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Qantas profit falls on higher fuel costs, weak domestic travel
Qantas has reported a 6.5% fall in full year profit, as higher fuel costs and weak domestic travel demand bites into its bottom line. The airline said Thursday its profit after tax for the year to June 30 was A$891m. On an underlying basis Qantas' profit before tax was $1.3b - a fall of 17%. Qantas said the result was driven by a $612m increase in its fuel bill, plus another $154m headwind from the weak Australian dollar. Qantas also announced an off-market buyback of almost 80m shares, worth about $400m at its most recent share price. Once completed, the company will have reduced its shares on issue by almost one third since 2015. Profit from Qantas' domestic operations, its biggest earner, were down 3.3%. It cut capacity on domestic routes by 1.5% during the year while its seat factor was flat. <br/>
