Economy

Qantas announces plans for nonstop flights to London and NYC by 2022

Qantas announces plans for nonstop flights to London and NYC by 2022

Underlying profit before tax, which removes one-off items and was regarded as the best indication of financial performance, fell 8.4 per cent to $1.40 billion, from $1.53 billion achieved in 2015/16.

The result was just above the airline's guidance provided in May, which Qantas said was due to strength in its domestic arm, and beat market consensus of A$1.38b.

Full-year earnings at Qantas's domestic business rose 12 percent to a record.

All parts of the Qantas Group delivered strong returns in FY17.

Qantas Domestic delivered a record underlying EBIT of $645, up $67 million on the same period a year ago, while Qantas International declined by $185 million to deliver an underlying EBIT of $327 million, which the airline blamed on "capacity growth in the broader market". It posted an Underlying EBIT of $327 million, its second highest result but a fall of $185 million on past year. Continued strength in its core markets helped the Jetstar Group deliver the second highest profit in its 13 years of operation.

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The airline posted an underlying earnings (EBIT) of $327 million.

First class stays the same at 14 seats, while the business cabin will expand to 70 seats, from 64 now and feature the airline's latest seat seen on the 787-9.

After posting the highest profits in its history in 2015/16, Qantas has battled increased competition on global routes and a sluggish domestic market that is weighed down by weakness in the mining and resources sectors.

Qantas chief executive Alan Joyce said it was the company's second highest result in its history.

"In that time, we've tackled some hard structural issues, become a lot more efficient and kept improving the customer experience".

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"Today's announcements show this plan has well-and-truly paid off".

"It's delivered A$3.5b in cumulative underlying profit, record customer satisfaction and the opportunity for Qantas to grow".

"We're taking the energy and focus from the turnaround and putting it into continuous improvement", Joyce told reporters.

Joyce says Qantas is now targeting an average of $400 million in savings a year.

"Our people remain central to our success, and that is why it is so pleasing that we are able to grant another bonus to around 25,000 non-executive employees to mark the successful completion of the turnaround program".

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