Qan­tas Air­ways posts record profit

The Pak Banker - - COMPANIES/BOSS -

Qan­tas Air­ways Ltd. posted a record first-half profit and an­nounced its se­cond cap­i­tal re­turn in less than six months as Chief Ex­ec­u­tive Of­fi­cer Alan Joyce's cost-cut­ting pro­gram and lower fuel prices boost Aus­tralia's largest air­line.

Un­der­ly­ing pre­tax profit in the six months ended Dec. 31 more than dou­bled to A$921 mil­lion ($666 mil­lion) from A$367 mil­lion a year ear­lier, Qan­tas said in a state­ment Tues­day. An­a­lysts ex­pected an un­der­ly­ing profit of A$908.7 mil­lion, ac­cord­ing to the av­er­age es­ti­mate com­piled by Bloomberg.

Joyce said he has no plans to step down from the role that he's held since 2008 as a A$2 bil­lion turn­around pro­gram an­nounced two years ago con­tin­ues to bear fruit. The Syd­ney-based air­line on Tues­day an­nounced a stock buy­back of as much as A$500 mil­lion, tak­ing the cap­i­tal re­turn to more than A$1 bil­lion since Au­gust. Only two years ago the air­line had widen­ing losses, a stock near a record low and junk-rated debt.

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