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Qantas Group forecasts underlying profit for first half 2022-2023
October 14th 2022
Qantas Group’s market update forecasts the airline company will report an underlying profit, before tax, in the range of A$1.2 billion (US$744 million) and A$1.3 billion for the six months to December 31. Read More » The predicted result would be a turnaround of more than A$2 billion from the underlying loss of A$1.3 billion, before tax, in the same months in 2021. “Since August, we have recorded a big improvement in our operational performance and an acceleration in our financial performance,” Qantas Group CEO, Alan Joyce, said in a regulatory filing to the Australian Securities Exchange. The company said domestic available seat kilometres (ASK) flown by its full-service Qantas Airways and LCC Jetstar will be at 94% of 2018-2019 levels in the first half of the fiscal year, rising to 100% in the second half, to June 30. The forecast has been lowered from the group’s previous capacity guidance. Qantas said the reduction in domestic capacity was designed to “protect the sustained improvement in operational performance as the broader industry recovers”. The airline group's international ASKs are predicted to reach 61% of pre-COVID-19 levels by December 31 and climb to 77% in the second half.
