Qantas Group (QAN.AX,QUBSF.PK) reported that its profit attributable to members of the company for the first half 2022/23 was A$1.00 billion or 52.7 cents per share compared to a loss of A$456 million or 24.2 cents per share in the prior year, reflecting strong travel demand with revenue strength offsetting record fuel prices in the latest-period.
The company announced an on-market share buy-back of up to A$500 million.
Qantas expects travel demand to remain strong throughout fiscal year 2023 and into fiscal year 2024.
Group Domestic capacity is expected to increase to from 94 percent to 103 percent 10 through the second-half of 2023. Group International capacity is anticipated to increase from 60 per cent to 81 percent through the second-half of 2023.
Fares is expected to moderate during the second-half of 2023 as capacity increases but will remain significantly above fiscal year 2019 levels.
Qantas announced A$100-million upgrade to lounge network including new ‘first’ lounge in London. Qantas has unveiled prototypes of First and Business Class suites that will be fitted to its Airbus A350 aircraft from late 2025.
Qanta’s underlying profit before tax for the first half 2022/23 was A$1.43 billion, a significant turnaround from the loss of A$1.28 billion in the first half of 2021/22.
Statutory profit before income tax expense was A$1.44 billion compared to a loss of A$622 million in the prior year.
Revenue and other income for the period climbed to A$9.91 billion from A$3.07 billion in the prior year.
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