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Qantas profits up in FY2010, expects stronger 1HFY2011

12-Aug-2010 11:13 AM

Qantas Group revenue down 4.2% - consolidated financial highlights for the 12 months ended 30-Jun-2010:

  • Total revenue*: USD12,361 million, -4.2% year-on-year;
    • Qantas: USD9,522 million, -9%;
    • Jetstar: USD1,972 million, +19%;
    • Qantas Freight: USD903.8 million, -7%;
    • Jetset Travelworld Group: USD121.2 million, -7%;
  • Costs: USD12,133 million, -5.8%;
    • Labour: USD3,056 million, -7.6%;
    • Fuel: USD2,947 million, -8.9%;
  • Underlying EBIT: USD420.0 million, +244.1%;
    • Qantas: USD60.1 million, +1,575%;
    • Jetstar: USD117.6 million, +22.4%;
    • Qantas Frequent Flyer: USD294.4 million, +45.1%;
    • Qantas Freight: USD37.7 million, +500%;
    • Jetset Travelworld Group: USD12.6 million, -12.5%;
  • Underlying Profit before tax: USD338.4 million, +277%;
  • Net profit: USD100.5 million, -4.3%;
  • Total assets: USD17,869 million, -0.7%;
  • Total liabilities: USD12,501 million, -2.5%;
  • Operating cash flow: 1,173 million, +13.8%;
  • Cash: USD3,324 million, +2.4%;
  • Net debt: USD1,983 million, +14.9%;
  • Passenger numbers: 41.4 million, +7.8%;
    • Qantas domestic: 16.6 million, +1.6%;
    • QantasLink: 4.3 million, +4.9%;
    • Jetstar domestic: 8.4 million, +3.2%;
    • Qantas International: 5.9 million, -18.5%;
    • Jetstar international: 3.9 million, +84.2%;
    • Jetstar Asia†: 2.3 million, n/a;
  • Load factor: 80.8%, +1.2 ppt;
    • Qantas domestic: 80.9%, +1.7 ppt;
    • QantasLink: 67.2%, -1.0 ppt;
    • Jetstar domestic: 81.4%, +0.5 ppt;
    • Qantas international: 82.5%, +1.2 ppt;
    • Jetstar international: 77.1%, +3.0 ppts;
    • Jetstar Asia: 80.4%, n/a;
  • Yield**: USD 9.52 cents, -7.2%;
  • Costs per ASK: USD 7.24 cents, +8.3%;
    • Jetstar: USD 4.43 cents, -2%;
  • Underlying costs per ASK excl fuel: USD 4.98 cents, +4.3%. [more]

* Based on the conversion rate at USD1 = AUD1.11419
** Excluding foreign exchange
† Jetstar Asia’s FY2009 traffic includes from 08-Apr-2009 to 30-Jun-2009

Qantas: “Trading conditions have steadily improved. Forward bookings indicate yields in the first half of FY11 will be higher than the first half FY10. The group expects to increase capacity in first half FY11 by 9.6% compared to the first half FY10, whilst retaining flexibility to optimise growth. Domestic business and total international revenue is expected to improve, while domestic leisure continues to be highly competitive. As at 9 August 2010, fuel costs for the first half of FY11 are estimated to increase by 13% compared to the first half FY10, due to higher forward market jet fuel prices and increased flying. If present conditions continue, first half Underlying PBT for FY11 may be materially stronger than first half FY10,” Company statement. Source: Qantas, 12-Aug-2010.