Qantas profit falls 17% on fuel costs and foreign currency exchange

Company News

by Rachael Jones

Qantas (ASX:QAN) report underlying profit before tax at $1.30 billion for the year that's down 17 per cent on the prior corresponding period.

Statutory profit before tax is down 6 per cent on last year to $1.27 billion.

They saw record revenue of $17.9 billion for the 12 months to June 30 but its underlying profit was hit by a $614 million increase in fuel costs from higher oil prices and a further $154 million impact from foreign exchange impacts.

Nonetheless, Qantas raised its final dividend by 3 cents to 13 cents per share, plus an off-market buyback of up to 79.7 million shares.

Shares in Qantas (ASX:QAN) closed 0.52 per cent higher at $5.78 yesterday. 

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.