Qantas, off the back of solid demand and recovery, has recorded an AUD 2.47 billion profit for the financial year ending on the 30th of June, 2023.
The announcement came alongside a commitment to future fleet plans for the Airbus A350-1000 and Boeing 787 series.
The substantial rebound is enormous, considering the company reported a staggering AUD 1.86 billion loss one year prior. However, this is not to be a shock, considering the financial year from 2021 to 2022 was massively impacted by Australia’s strict restrictions on travel.
Revenue also jumped significantly to AUD 19.8 billion, described by Qantas as almost tripling from the previous.
The International sector of Qantas saw revenues jump north of AUD 7 billion, up from the previously reported AUD 3.7 billion. Qantas says this is reflected thanks to the doubling of capacity on international services.
Airbus A380s being ungrounded and late in delivery Boeing 787s all arriving back into the international network, paired with restrictions easing in the financial year gone, have aided the carrier in doubling capacity.
For the 23/24 financial year, Qantas has already announced several international route changes, with larger aircraft being deployed and more flights. Therefore, the expectation is that the intense levels of demand and revenue for international business should continue.
However, the company is pleased with the performance and significant turnaround following a dark couple of years. That demand for 2024, even for its domestic operations, will continue to soar.