Qantas posts record $1.1bn profit

Qantas Airways Ltd posted a record fullyear profit of 1.53 billion Australian dollars ($1.1 billion) on Wednesday, after undergoing a cost-saving restructuring amid steep losses just two years ago.

The airline’s result for the fiscal year through June is a 57 percent boost over last year’s profit of AU$557 million, and prompted Qantas to pay its first dividend since 2009.

The strong performance for Australia’s largest airline comes two years after it posted a record AU$2.8 billion loss. Qantas underwent a restructuring to cut costs, including axing thousands of employees.

“Transformation has made us a more agile business, created value for our shareholders and given us a platform to invest for the future,” Qantas CEO Alan Joyce said in a statement. “Qantas is stronger than ever, but we’re also determined to keep changing and adapting so that we can succeed”. (AP)

Qantas Chief Executive Officer Alan Joyce (center), is photographed next to a model plane engine at their headquarters after announcing the airlines annual results in Sydney on Aug 24. (AFP)