Qantas Airways Ltd
(ASX:QAN) has reported an increase in its full year underlying profit before tax of $377 million – meeting analysts expectations for earnings to be in the upper end of guidance.
The result is well above the $100 million in underlying profit before tax in 2009 and is in line with the group’s expectations.
Qantas said in February that underlying pre-tax profit should come in between $300 million and $400 million for the 12 months to June 30.
Improvements in the airline’s underlying business conditions have been driven by significant and steady volume recovery especially in premium travel passengers.
Yesterday the Federal Government’s domestic air fare index showed that business airfares had increased by 2.91% from July to August.
In 2009, Qantas posted a net profit after tax of $117 million which was significant lower that the $969 million in the year before.
