Yahoo Finance Qantas reports $1.74bn profit: What you need to know
The incoming Qantas CEO is also set to get a major pay boost.
Qantas today reported a $1.74 billion profit after tax. This comes despite the airline facing criticism from unhappy customers over delays, flight cancellations and lost-baggage claims.
What you need to know
Qantas made $1.74bn in profit after tax in the full year.
Frequent Flyer members will get a share of more than 1 billion bonus points as a ‘thank you’.
$340 million has been set aside to reward more than 21,000 staff (including executives).
Qantas was 11 weeks from insolvency in 2020.
Alan Joyce made $2.2 million, plus $4.5 million worth of shares, while incoming CEO Vanessa Hudson is set to make $1.6 million per year, but could earn as much as $5.8 million.
Qantas said its operational performance had "improved considerably".
🗣️ What they said
Qantas CEO Alan Joyce: "I’m pleased to say that the Qantas Group is back in profit on a full-year statutory basis for the first time since 2019."
“It’s a world away from the $7 billion in statutory losses we racked up during COVID.
“This is a remarkable turnaround, three years in the making. And it’s been hard.”
On the flipside, Qantas customers have been frustrated with the airline after flights were cancelled during and after the pandemic. Many have since joined a class action, launched by Echo Law, against the airline.
Echo Law partner Andrew Paull, amid a customer class action launched against the company: “Qantas is currently one of the world’s most profitable airlines and that profit has been built, in part, on funds it unlawfully retained from its customers."
❓ Why should I care?
If you’re a Qantas Frequent Flyer member, you will receive a ‘thank you’ gift of your share of 1 billion points and access to a massive flight sale.
More than 1 million seats are now on sale for travel across Qantas Domestic, Qantas International, Jetstar and QantasLink regional flights. Qantas fares will be up to 40 per cent off, and Jetstar fares are up to 50 per cent off.
In addition, Qantas is gifting more than a billion Qantas Points shared between Frequent Flyers who have flown at least one Qantas flight in the past 12 months in recognition of their loyalty.
Eligible customers will receive an email inviting them to choose between 1,000 Frequent Flyer Points or 30 Status Credits. Those who flew 10 or more times will be gifted 5,000 Qantas Points or 75 Status Credits.
🤯 It’s hard to believe, but...
Qantas was 11 weeks from insolvency.
Joyce revealed the company was on the brink of collapse after COVID-19 lockdowns halted air travel.
“From being 11 weeks shy of insolvency, to a challenging return to flying across the industry, to finally getting back to leading domestic operational performance,” he said.
“It’s an absolute credit to the resilience and hard work of our people, the patience and understanding of our customers, and the support of our shareholders.”
For more about Qantas…
Also read: $400 million in Qantas flight credits still up for grabs
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