Qantas swings to profit, announces buyback and new fleet order

The news: Qantas has swung back to a full year profit, its first since 2019, on the back of a rebound in travel demand.

The numbers: The airline posted statutory profit of $1.75 billion for the year to 30 June, up from a $860 million loss a year ago. Underlying profit came in at $2.5 billion, from a $1.86 billion loss a year ago. Revenue more than doubled to $19.8 billion. The airline will not pay any dividend for the year but announced an on-market share buy-back of up to $500 million, which will commence in September.

The context: Australia’s biggest airline attributed its turnaround to a 132% increase in flying compared to last year and strong travel demand driving higher revenue. It said the result would allow the group to continue investing in the fleet, and announced a new order for 24 widebody Boeing and Airbus aircraft from 2027 onwards.