Qantas Q3 revenue up $4.4b, sells Melbourne terminal

Company News

by Rachael Jones

Qantas (ASX:QAN) have seen their third quarter revenue up 2.3 per cent to $4.4 billion versus prior corresponding period.

This performance was despite a shift of Easter, which moved into the fourth quarter of FY19.

This meant a significant amount of revenue also moved into the fourth quarter, with a favourable alignment between public holidays and school holidays driving a very strong holiday travel demand.

Qantas has also reached an agreement with Melbourne Airport for the sale of the airline’s domestic terminal.

They secured future access to Terminal 1 for $355 million, of which $276 million will be received in cash in this financial year, with the remaining value to be accrued in future periods.

While the proceeds from this sale will be accounted for in FY19, the gain will be excluded from Underlying Profit Before Tax.

Shares in Qantas (ASX:QAN) are trading 1.1 per cent higher at $5.50.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.