Annual net profit of Qantas goes down, fuel cost soars

Published on : Thursday, August 22, 2019

Due to the rising fuel costs and weaker Australian dollar Qantas saw a 17 per cent fall in annual net profit.

 

 

But the carrier cheered investors with a A$400 million share buyback and higher dividend and would keep capacity flat in line with demand in a sluggish Australian economy.

 

Chief executive Alan Joyce said that looking ahead he felt confident about the financial year.

 

 

The pre-tax profit stood at A$1.30 billion for the year to June 30th, down from A$1.57 billion and the revenue at the airline rose five per cent to A$17.97 billion.

 

 

In an off-market tender it plans to buy back up 79.7 million shares and declared a fully-franked final dividend of 13 Australian cents per share, up from ten cents.

 

 

In the current financial year Qantas’ fuel costs rose 19 per cent and are forecast to rise by another A$100 million.

 

Further, the airline will also run test services on planned 19-hour flight to determine whether passengers and crew can withstand the marathon journeys.

 

By 2022 the airline wants to operate non-stop services from Sydney to London and New York and if launched, the services would be the longest direct flights in the world.

 

Later this year the trial  flight is expected to begin and will carry up to 40 passengers  who can have their health monitored on the Journey.

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