FOLLOWING the implementation of a turnaround plan to return Qantas (ASX: QAN) to profitability, the company has recorded its second highest result in history.
Qantas’ primary performance metric since 2009 has been underlying profit, and the company today revealed its result of $1.4 billion.
This was driven in no small part by $865 million in earnings in the domestic market, giving Qantas 90 per cent of the total domestic profit pool.
CEO Alan Joyce (pictured left) says the FY17 results mark the completion of a turnaround plan that has repositioned Qantas as one of the most profitable airline groups in the world.
“Three years ago, we started an ambitious turnaround program to make Qantas Group strong and profitable,” says Joyce.
“Today’s announcements show this plan has well-and-truly paid off. It’s delivered $3.5 billion in cumulative underlying profit, record customer satisfaction and the opportunity for Qantas to grow.” Read more
David Simmons – Business News Australia – 25 Aug 2017