Qantas recorded a $1.4 billion underlying pre-tax profit in the last six months of 2022.
Underlying profits is a calculation of profits made internally by the company. It was the airline’s best-ever result for the first half of a financial year. It comes after Qantas suffered a $456 million loss in the previous December period. Qantas CEO Alan Joyce called it a “huge turnaround” that came after a “long and frankly difficult journey”. Despite the profits, Qantas says the cost of air travel will “remain significantly above financial year 2019 levels”.
Qantas says it recorded about $7 billion in losses during the pandemic, when air travel was either shut down or significantly restricted in Australia. The record profit comes after Qantas announced its three year restructure plan during the pandemic, which involved cost savings to deliver future profitability.