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.

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.