Qantas hails a huge turnaround after flying £457 million into the blackComments Off on Qantas hails a huge turnaround after flying £457 million into the black
Australian airline Qantas is doing considerably better than the Ashes-losing cricket team which it sponsors.
The flag carrier made a full-year profit of A$975 million (£457 million) against a loss of A$646 million, making its best return since the start of the financial crisis in 2008.
It highlighted the recovery after years of cost cutting and restructuring by announcing it has ordered eight new Boeing Dreamliners, the new preferred jet for long-haul fliers.
Chief executive Alan Joyce said the purchase signalled a new phase of growth for the airline.
He said: “We are delivering one of the biggest turnarounds in Australia’s corporate history.
“This is the best first-half result in four years and the best second-half result in the company’s history.”
Around half of the A$1.2 billion of cost reductions made by Qantas in the past year came from lower fuel bills, as the price of oil fell by around 50%.