Qantas posts statutory profit since FY19

Friday, August 25, 2023

The Qantas Group has posted its first full year statutory profit since FY19 and will share the benefits by rewarding employees, reinvesting for customers and returning capital to shareholders.

For FY23, the Group achieved an Underlying Profit Before Tax of $2.47 billion and a Statutory After Tax Profit of $1.74 billion. This compares with $7 billion in accumulated statutory losses over three prior years.

Underpinning the profit was completion of the Group’s $1 billion recovery program (launched in the first year of those losses), a 132 per cent increase in flying compared with FY22 and strong travel demand driving significantly higher revenue.

Operational performance improved considerably during the year after a challenging ramp up, with Qantas achieving the best on-time performance of the major domestic airlines for 11 months out of 12 and Jetstar returning to pre-COVID levels. Customer satisfaction, while not back to pre-COVID levels, has also improved in line with operational performance.

Normalising of international capacity and the unwinding of inefficiencies from the return to flying will help put downward pressure on fares and strengthen financial performance.

This strength enables the Group to keep investing heavily in customer experience, including firm orders for a further 24 Boeing and Airbus wide body aircraft from FY27 onwards to replace Qantas’ A330 fleet, plus purchase right options for future renewal and growth.

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