Qantas profit before tax jumps 14%

Company News

by Rachael Jones

Qantas' (ASX:QAN) underlying full-year profit before tax has jumped 14 per cent to $1.6 billion, due its domestic operations.

The Group’s domestic flying operations delivered EBIT of $1.1 billion, which is 25 per cent higher than FY17 and represents a new record for the business.

Due to their carry forward tax losses, Qantas was not required to pay any company tax in 2016/17. This stems from almost $3 billion in accumulated tax losses from prior years, which now sit at $951 million due to the company's strong financial performance more recently.

Shareholder return of up to $500 million: 10 cents per share ordinary franked dividend, plus an onmarket buyback of up to $332 million.

Shares in Qantas' (ASX:QAN) closed down 1.61 per cent to $6.72.

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