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.