Friday, August 30, 2024 Qantas’ FY24 financial results show a 16% drop in underlying profit before tax and a 28% decrease in statutory net profit, mirroring trends at Air New Zealand. On Thursday, Qantas, Australia’s flagship airline, released its financial results for the year ending June 30, 2024 (FY24). Echoing the recent trends seen at Air New Zealand, Qantas experienced a 16% decline in underlying profit before tax and a 28% decrease in statutory net profit after tax compared to the previous fiscal year.
Analyzing the figures, from July 1, 2023, to June 30, 2024 (FY24), the Qantas Group reported an underlying profit before tax of AU$2.08 billion ($1.41 billion) and a statutory net profit after tax of AU$1.
25 billion ($850 million). This contrasts with AU$2.47 billion ($1.
68 billion) and AU$1.74 billion ($1.18 billion) reported in FY23.
Qantas linked the drop in earnings to a moderation in fares as market capacity increased, higher expenditure on customer initiatives, and a reduction in freight revenue. Although the previous financial year saw record profits, it was also marked by significant controversy involving Qantas and its former CEO, Alan Joyce. Issues such as reliability concerns, refund delays for canceled flights, and customer complaints dominated headlines and news broadcasts.
Over the past year, Qantas has invested AU$230 million ($156 million) in enhancing customer services, implementing over 120 initiatives aimed at improving service levels. This investm.