On Thursday, Australian flag carrier Qantas announced its results for the twelve months ended June 30, 2024 (FY24). Similarly to near-neighbor Air New Zealand, Qantas reported a 16% fall in underlying profit before tax and a 28% drop in statutory profits after tax compared to the previous period. Behind the numbers Between July 1, 2023, and June 30, 2024 (FY24), the Qantas Group earned an underlying before-tax profit of AU$2.
08 billion ($1.41b) and a statutory net profit after tax of AU$1.25 billion ($850m) compared to AU$2.
47 billion ($1.68b) and AU$1.74 billion ($1.
18b) in FY23. Qantas attributed the earnings decline to fares moderating as market capacity returned, increased spending on customer initiatives and reductions in freight revenue. While last financial year generated record profits, it came when Qantas and its former CEO Alan Joyce were making front page news for all the wrong reasons, with reliability, refunds for canceled flights and customer complaints leading the nightly news.
Alan Joyce is no longer CEO of the Qantas Group and his successor Vanessa Hudson officially takes over the controls tomorrow. Since the departure of Joyce in September 2023, Qantas Group CEO Vanessa Hudson has worked to rebuild the airline's credibility and standing in the community, with many interpreting that to mean the ruthless pursuit of profit was being tempered with a more people-focused touch. Speaking about that and the FY24 results, Hudson said: "Our focus this year has been ge.