Qantas reported strongest profit since before global financial crisis
For the 12 months to June 30, 2015, Qantas reported an underlying profit before tax of $975 million and a statutory profit before tax of $789 million.
The underlying result is a turnaround of $1.6 billion compared with financial year 2014, including Qantas’ best ever second half performance, with all segments of the Qantas Group reporting robust profits and returning their cost of capital.
The driving force behind the result was progress with the Qantas Transformation program, which realised $894 million in transformation benefits during the year and saw Qantas meet its target of paying down more than $1 billion in net debt.
As a result, Qantas has reached its optimal capital structure – enabling it to resume shareholder returns while continuing to invest in growth and renewal.
A capital return of $505 million, equivalent to 23 cents per share, is proposed to be paid to shareholders in early November 2015.
The payment is subject to shareholder approval at the Qantas Annual General Meeting on October 23, 2015 of the capital return and the related share consolidation.
Qantas will acquire eight Boeing 787-9 aircraft, to be delivered from calendar year 2017 and gradually replace five older Boeing 747. ■