Australian flag carrier Qantas said it was in its strongest position ever after posting a jump in annual profit Thursday, with healthy returns across all sectors of its business, but cautioned it was facing headwinds from surging oil prices. Despite the solid result, Qantas shares were down 6.92 percent around midday at Aus$6.25 with investors spooked by the rising fuel bill warning. In the 12 months to June 30, net profit soared 14.9 percent to Aus$980 million (US$720 million), with higher earnings from its domestic arm a key contributor. Underlying profit before tax, the airline’s preferred measure, which strips out one-time costs, was up 14 percent at Aus$1.4 billion, a new record for the airline, which is close to 100 years old. Qantas declared a final dividend of 10 cents per share and announced an on-market buyback of its stock, effectively returning Aus$500 million to shareholders. It will also pay its workers Aus$67 million in bonuses. Chief executive Alan Joyce said the strong numbers reflected a buoyant market and the benefits of Qantas’s ongoing work to improve the business, continuing a multi-year turnaround for the previously struggling carrier. This has seen an aggressive restructuring over the past few years, with… Read full this story
- Dow soars 470 points on surging oil prices despite jobless report showing 6.6 MILLION new claims
- UK petrol prices to stay steady despite global oil price slump
- Explained | Why are oil prices in negative terrain?
- Global oil prices in free fall after production glut
- Explained: Why did oil prices crash in the US and what does it mean for Indian consumers?
- US crude oil prices plunged below zero. What does it mean for you
- Plunging oil price brings Saudi Arabia and Iran together in alliance of enemies
- Oil prices slip to $71.43
- Lower rubber and oil prices increase profit for tyre firms
- Oil prices rise after sharp losses caused by US stockpile surge
Qantas profits soar despite surging oil prices have 303 words, post on en.rfi.fr at August 22, 2018. This is cached page on ReZone. If you want remove this page, please contact us.