The airline’s profit forecast is close to $1 billion higher than its prior record result in 2018.
Qantas has revealed it expects to post a record underlying profit of up to $2.48 billion this financial year and increased its on-market buyback by up to $100 million, as the cost of fuel, and supply-chain challenges the industry has grappled with continue to moderate.
Qantas said its local recovery was bolstered by an increase in flying between Sydney, Melbourne and Brisbane, dubbed the “Golden Triangle”, while its international capacity has been hampered by operational delays and industry staff shortages. Revenue intakes sit at 118 per cent of pre-COVID-19 levels across its domestic outfits and 123 per cent for international.
RBC capital markets analyst Owen Birrell said the size of the on-market buyback indicates the potential for a hike in future capital management at this year’s financial results, scheduled for August 24.
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