Qantas Airways reports USD404m underlying EBIT loss in FY2014, return to underlying PBT in FY2015

Qantas Airways revenue down 3% - financial highlights for 12 months ended 30-Jun-2014:

• Revenue: AUD15,352 million (USD14,086 million), -3.5% year-on-year;
• • Net passenger: AUD13,242 million (USD12,150 million), -3.2%;
  • Net freight: AUD955 million (USD876.2 million), +2.1%;
• Costs: AUD15,792 million (USD14,489 million), +1.6%;
• • Fuel: AUD4461 million (USD4093 million), +7.4%;
  • Labour: AUD3717 million (USD3410 million), -3.4%;
• Underlying EBIT (loss): (AUD440 million) (USD403.7 million), compared to a profit of AUD366 million (USD335.8 million) in p-c-p;
• • Qantas Brands: (AUD154 million) (USD141.3 million), compared to a profit of AUD418 million (USD383.5 million) in p-c-p;
  • • Qantas Domestic: AUD30 million (USD27.5 million), -91.8%;
    • Qantas International: (AUD497 million) (USD456 million), compared to a profit of AUD46 million (USD225.7 million) in p-c-p;
    • Qantas Loyalty: AUD286 million (USD262.4 million), +10.0%;
    • Qantas Freight: AUD24 million (USD22.0 million), -33.3%;
  • Jetstar Group: (AUD116 million) (USD106.4 million), compared to a profit of AUD138 million (USD126.6 million) in p-c-p;
• Net profit (loss): (AUD2843 million) (USD2609 million), compared to a profit of AUD1 million (USD0.9 million) in p-c-p;
• Passenger numbers: 48.8 million, +1.0%;
• Passenger load factor: 77.4%, -1.9 ppt;
• Yield excl foreign exchange: AUD10.02 cents (USD 9.2 cents), -2.6%;
• Total assets: AUD17,318 million (USD15,890 million);
• Cash and cash equivalents: AUD3001 million (USD2754 million);
• Total liabilities: AUD14,452 million (USD13,260 million). [more - original PR]

*Based on the average conversion rate at USD1 = AUD1.0899

Qantas: "There is a clear and significant easing of both international and domestic capacity growth, which will stabilise the revenue environment. We expect a rapid improvement in the Group's financial performance - and a return to Underlying PBT profit in the first half of FY15, subject to factors outside our control," Alan Joyce, CEO. Source: Company statement, 28-Aug-2014.