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Qantas Achieves Remarkable Turnaround With $1.7 Billion Profit

Qantas has recorded an annual profit of $1.7 billion in FY23, recovering from the loss of $860 million in the last financial year.

It is the first time since 2019 that Qantas has reported an annual profit, the airline attributes its profitability to the “incredibly robust” demand for travel as the pandemic’s impact wanes.

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The preferred underlying pre-tax profit measure of $2.5 billion aligns with the airline’s expectations, which it had communicated to investors in May. 

Outgoing Qantas CEO Alan Joyce said it was a “substantial turnaround” and the financial position would allow the airline to buy more aircraft.

Today’s annual results mark Mr Joyce’s final report as CEO before he hands over the reins to chief financial officer Vanessa Hudson in November. 

Joyce emphasized the positive shift in finances and service over the past year, with flight delays and cancellations returning to pre-COVID levels.

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“Flight delays and cancellations have largely returned to pre-Covid levels and we’ve shifted from heavy losses to a strong profit and pipeline of investment worth billions of dollars,” Mr Joyce said.

“Travel demand is incredibly robust and we’ve taken delivery of more aircraft and opened up new routes to meet it,” he said.

Mr Joyce has praised the airline staff for doing a “superb job under very difficult circumstances”.

Amid its bumper profits, Qantas faces challenges such as appearing before the Senate Inquiry on the Cost of Living and addressing criticisms over government subsidies. 

Despite its financial rebound, the airline continues to grapple with issues like flight cancellations and delayed refunds.

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