Qantas Group achieves underlying profit before tax of AU$1.30 billion

©Qantas

The Qantas Group has achieved an underlying profit before tax of AU$1.30 billion and a statutory profit before tax of AU$1.27 billion for the financial year 2019.uWhile the Underlying result was 17% lower compared with the Group’s record profit in FY18, it was impacted by an AU$614 million increase in fuel costs from higher oil prices and a further AU$154 million of the foreign exchange impacts on non-fuel net expenditure.

The result was also impacted by a AU$92 million non-cash expense on provisions for items including employee leave entitlements – part of an accounting requirement that means this charge increases when interest rates fall.

All key parts of the Group’s portfolio remain strongly profitable, generating significant cashflow that allows for ongoing investment as well as shareholder returns.

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