Qantas posts $1.25 billion after-tax profit as customer satisfaction returns after Alan Joyce's resignation
Qantas has suffered a 13 percent drop in profits as fewer Australians booked flights with the flying kangaroo airline.
The bad news was Vanessa Hudson's first results presentation since she replaced her controversial predecessor Alan Joyce as CEO in September last year.
“We know millions of Australians rely on us and we've heard their feedback loud and clear,” she told shareholders on Thursday.
'A lot of work is being done to increase our service level and the first signals are very positive.'
In the six months to December, Qantas made underlying pre-tax profit of $1.25 billion, down $180 million or 12.6 percent from $1.43 billion for the same period in 2022.
Qantas has announced that underlying profit fell 13 percent in the first half as fares fell.
This period covered the failed Voice referendum in October, during which Mr Joyce offered free flights to Yes campaigners and decorated Qantas planes with the Yes logo.
But Mr Joyce resigned in September, bringing forward his retirement by two months, ending his 15-year stint at the helm of Australia's flag carrier.
In an announcement to the Australian Securities Exchange on Thursday morning, Qantas revealed that lower fares reduced revenue per available seat kilometer, reducing profits by $600 million, while freight revenue fell by $146 million.
But increased flight volumes boosted profits by $485 million.
Total turnover rose 12.3 percent to $11 billion.
Rates have fallen more than 10 percent since peaking in late 2022.
The bad news was the first results presentation for Vanessa Hudson since she replaced her controversial predecessor Alan Joyce as CEO in September last year.
This period covered the failed Voice referendum in October, during which former CEO Joyce (pictured with Prime Minister Anthony Albanese) offered free flights to Yes campaigners and decorated Qantas planes with the Yes logo.