Qantas you beaut! In less than five years the Flying Kangaroo went from sitting in the red financially to reporting its best results in its entire 95-year history.
No wait, not just the best results in its own history BUT the “best result in AUSTRALIAN AVIATION history, full stop” – borrowing a few words from Joyce.
The carrier today reported an underlying profit before tax of $1.53 billion, up 57 percent on last year.
The profit came from both domestic and international operations, with Qantas and Jetstar seeing local operations jump to a record $820 million in earnings before interest and tax (up $191 million on the prior year), while international services delivered $722 million (up $374 million).
This result needs a Joyce dance.
Just FYI, Alan Joyce is the least animated speaker. This was the closest I could get to making a gif of him dancing.
Record breaking profit growth was attributed to fuel hedging, which saved the carrier $664 million as well as the Qantas Transformation program that has unlocked $1.66 billion in permanent cost and revenue benefit since early 2014.
CEO, Alan Joyce, said results prove that the airline’s strategy is “the right one for the tough market”.
“Qantas is stronger than ever, but we’re also determined to keep changing and adapting so that we can succeed no matter what environment we’re in.”
Alan Joyce, Qantas CEO
Obviously strong results mean good news for shareholders because the airline is returning $500 million. This is in addition to the $1 billion returned over the last 12 months.
But it’s not just the guys holding the shares or in the fancy offices that can expect rewards, because Qantas is giving some 25,000 full-time personnel across the Qantas Group a one-off $3,000 bonus and $2,500 for part-time employees.
Bumping into Qantas staff today will be a little like…
“This result belongs to the Qantas Group’s amazing people.”
Alan Joyce, Qantas CEO
Awww Joyce. He continued, saying they not only contributed to the performance, but earned the carrier a record satisfaction from customers.
With these great results, it’s no wonder the airline is close to introducing free wi-fi across its fleet, working with Tourism Australia again AND spending millions in converting aircraft so they can fly Perth-London direct.
Joyce also confirmed Qantas is exploring a partnership with Cricket Australia to live stream cricket over summer 2016/17, the first of its Dreamliner flights will be on sale before Christmas and it’s working with world-class designers, including sleep experts, to design the best in-class standards for Dreamliner Economy, Premium Economy and Business.