Qantas has reported its annual profits are down 28%. The Group has reported a $1.25 billion after-tax profit for the 2023/24 financial year, down 28% from the previous year.
The airline said slower earnings were impacted by changes in airfare prices, increased spending on customer initiatives and a decline in freight revenue.
Qantas Group CEO Vanessa Hudson said “Jetstar delivered its highest result” which she attributed, in part, to “increased demand from price-sensitive” passengers.
Results
Last financial year, Qantas reported a $1.7 billion net profit – its first profit since the pandemic began.
This year, Qantas chief executive Vanessa Hudson said the airline’s priority has been “restoring trust and pride in Qantas as the national carrier.”
According to the carrier’s average on-time performance figures, 80% of Qantas flights departed on time, compared to 74% of Jetstar flights.
Wrongdoings
Qantas was at the centre of several legal challenges and controversies during the COVID-19 pandemic and its aftermath.
In September 2023, Alan Joyce resigned as CEO, a week before the High Court ruled that the airline had illegally fired over 1,700 ground handlers in 2020.
Earlier this year, Qantas agreed to pay $120 million in fines and compensation after it admitted to advertising tickets for flights that had been cancelled.
