Qantas profit climbs 234pc to $688 million, announces share buyback

Tuesday, 23 Feb 2016 06:12:44

Qantas has benefitted from cost-cutting and a $448 million reduction in its jet fuel bill. (Flickr: Sheba_Also)

Qantas has reported a 234 per cent jump in its first-half profit to $688 million.

The airline enjoyed rising revenue, up 5 per cent to $8.46 billion, but benefitted even more from falling costs, especially jet fuel which saved it $448 million compared to the prior period.

Excluding one-off write downs, the company's underlying profit rose 151 per cent to $921 million.

Despite the profit turnaround, the Qantas board has elected not to pay an interim dividend.

Instead, the company is buying back up to $500 million worth of its shares, which should push up the value of the shares remaining on the market.

More to come.

AustraliaPlus

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Qantas profit climbs 234pc to $688 million, announces share buyback

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