24-Aug-2011 12:39 PM

Qantas Group net profit doubles in FY2011

Qantas Group revenue up 10% – financial highlights for the 12 months ended 30-Jun-2011:

  • Revenue: USD15,606 million, +10% year-on-year;
  • Operating costs: USD13,029 million, +7%;
    • Labour: USD3918 million, +9.8%;
    • Fuel: USD3800 million, +10.5%;
  • Underlying EBIT: USD674.8 million, +38%;
    • Qantas: USD238.9 million, +240%;
    • Jetstar: USD177.1 million, +29%;
    • Qantas Frequent Flyer: USD358.3 million, +4%;
    • Qantas Freight: USD65.0 million, +48%;
  • Underlying profit before tax: USD578.4 million, +46%;
  • Net profit: USD262 million, +123%;
  • Total assets: USD21,855 million, +4.8%;
  • Cash and cash equivalents: USD3663 million, -5.6%;
  • Total liabilities: USD15,410 million, +5.6%;
  • Passenger numbers: 44.5 million, +7%;
  • Load factor: 80.1%, -1 ppt;
  • Yield**: USD11.46 cents, +6%;
    • Qantas Freight: +8%
    • Domestic: +3%;
    • International: +8%;
  • Cost per ASK^: USD 8.63 cents, +2%;
  • Cost per ASK^ excl fuel: USD 5.73 cents, +0.9%;
    • Jetstar: USD5.05 cents, -2%. [more]

*Based on the conversion rate at AUD1 = USD1.0478
**Excluding foreign exchange
^Based on underlying profit before tax

Qantas:Yield in 1H12 is expected to be higher than 1H11. The Group expects to increase capacity in 1H12 by 8% compared to 1H11 whilst maintaining flexibility and as at 22 August 2011, underlying fuel costs for 1H12 are estimated to increase by circa AUD500 million from AUD1.7 billion in 1H11 to circa AUD2.2 billion due to higher forward market jet fuel prices and increased flying. Fuel surcharges, fare increases and hedging are being used to mitigate the impact of fuel price rises but are unlikely to fully offset the cost increase,” Company statement. Source: Qantas, 24-Aug-2011.

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