Qantas bounces back into the black

Qantas bounces back into the black

Australia’s national carrier Qantas has bounced back from recent losses, reporting a pre-tax profit of 975 million Australian dollars.

The results beat analysts expectations, and have been their best since the financial crisis. The group has also announced plans buy eight Boeing Dreamliners, and pay a $505 million dividend to shareholders.

The floundering airline has recently begun a “transformation program”, which has included cutting jobs and reducing capacity.

Chief Executive Alan Joyce said in a statement:

“We are halfway through the biggest and fastest transformation in our history.

“Without that transformation, we would not be reporting this strong profit, recommencing shareholder returns, or announcing our ultra-efficient Dreamliner fleet for Qantas International.

“We have reshaped our business for a strong, sustainable future – and because we moved quickly and made tough decisions early, we have strong foundations to build on.”