Qantas international set for profit

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November 15, 2014

Qantas’s international operations are set to return to profit as the headwinds abate and massive restructuring and write downs start to impact the bottom line.

Speaking with Airline Ratings in Seattle, chief financial officer Gareth Evans was upbeat about the progress the airline has made in the past six months.

“I am certain we will return [our] international [operations] to profit,” Mr Evans said.

He added that the Qantas Group as a whole will be profitable for the first half of this year but was coy on further guidance.

On August 28th Qantas announced a full-year underlying loss before tax of $646 million, but a statutory loss of $2.8 billion due to restructuring charges and write downs to its fleet.

Previously Qantas had warned that it would not order or exercise options on any more fuel efficient planes until the international division posted a profit.

The airline has 50 of the revolutionary Boeing 787-9s on option but will not take delivery of these planes until 2017 at the earliest.