Qantas Airways (ASX:QAN) first half net profit has soared over four fold to $241 million. The airline says it expects its full fiscal 2011 underlying earnings to be “materially higher”.
In the six months to 31 December 2010, Australia's largest airline says underlying profit before tax was $417, jumping from $267 the same time a year before.
The half year result has taken a $55 million hit from the impact of Qantas’ A380 engine explosion last year, which is anticipated to be $80 million in its full year result.
The Queensland floods are anticipated to chip up to $55 million off the airline’s second-half underlying earnings, while Cyclone Yasi is expected to cost up to $15 million.
Despite Qantas posting a rise in earnings, the latest figures came in under analysts' expectations. Also contradicting analyst expectations, Qantas has not declared an interim dividend.
In the year ended 30 June 2010, Qantas reported a net profit of $116 million.
