Qantas shares finally beat pre-COVID peak

Qantas shares have finally climbed above their pre-pandemic high for the first time since the end of the pandemic. At the end of trading on Thursday, shares in the Flying Kangaroo were valued at $7.45, beating the $7.35 recorded on 20 December 2019. The symbolic moment follows COVID-19 causing one of the most astonishing freefalls in ASX history when Qantas stock nosedived to just $2.36 on 20 March 2020 as states began to shut borders and invoke lockdowns. Those brave enough to invest in the national carrier at its lowest point would have now more than trebled their investment. The news comes a month after Qantas CEO Vanessa Hudson’s first annual results delivered another enormous profit before tax of $2.08b. The number is 16% down on FY2022–23’s record of $2.465b but still significantly up on pre-pandemic FY18–19’s $1.3b. Qantas attributed the dip to lower fares caused by increases in capacity across the sector and increased spending on customer initiatives. Hudson hailed the results as the “underlying strength” of the wider group’s portfolio. “Qantas benefited from increased corporate and resources travel and ongoing high demand for international premium seats while Jetstar delivered its highest result as it grew to meet increased demand from price-sensitive leisure travellers and saw the benefits from its new aircraft,” she said.<br/>