Value dips but domestic results give Qantas a lift
tre is set to open on September 21, said.
With other developments a possibility, Mr Rix said having high-speed internet would help attract business.
“Demand for services and facilities is also growing at a rapid rate of knots and infrastructure spending needs to keep pace with this.”
He said the unexpectedly high rate of growth of Pimpama underscores the importance of fast-tracking infrastructure for the area, including transport, education and health. QANTAS shares have dropped to their lowest in more than a month despite Australia’s major carrier posting a record underlying profit of $1.6 billion.
The airline reported fullyear net profit rose 15 per cent to $980 million, helped by strong performances from the domestic flying business of Qantas and Jetstar.
Qantas shares closed 3.35 per cent down to $6.49 yesterday.
Chief executive Alan Joyce said the record profit reflected a strong market as well as the benefits of ongoing work to improve the business and build long-term shareholder value, but warned of challenges ahead.
“We’re facing another increase to our fuel bill for 2018/19 and we’re confident that we will substantially recover this through a range of capacity, revenue and cost efficiency measures, in addition to our hedging program,” he said in a statement.
The domestic flying division delivered earnings of $1.1 billion, a 25 per cent jump from the previous year, driven by efficiency gains and higher seat occupancy as the airline boosted offerings such as new lounges and free Wi-Fi, for passengers.
Qantas international division increased its earnings by 7 per cent to $399 million.
The company has set aside a further $67 million for up to 27,000 non-executive employees with a bonus of $2500 each.
Qantas said its fuel bill is expected to jump by $690 million to $3.9 billion, while expenditure would rise by $250 million.
Qantas said it would return $500 million to shareholders. It declared a fully-franked final dividend of 10¢ per share, up 3¢ from a year earlier, as well as a fresh on-market share buyback of up to $332 million.