Sydney, Aug 29 Australia's national airline Qantas on Thursday posted a 28 per cent fall in its post-tax profit to $848 million in the 2023-24 financial year.
Chief Executive Vanessa Hudson handed down the airline's results for the 2023-24 financial year spanning from July 1, 2023 to June 30, 2024, revealing a post-tax profit of $848.2 million, down from a record-high $1.18 billion in 2022-23, Xinhua news agency reported.
The company said it generated $1.41 billion in underlying pre-tax profit in 2023-24, a 16 per cent fall from $1.67 in 2022-23.
Hudson said Qantas has been focused on restoring its brand after a tumultuous 2023.
"Our focus this year has been getting the balance right in delivering for customers, employees and shareholders while building a better and stronger Qantas group," she said in a statement to the Australian Securities Exchange (ASX).
"Restoring trust and pride in Qantas as the national carrier is our priority, and while there's more work to do, we'll get there by delivering for our customers and people consistently into the future," Hudson said.
Hudson took over as chief executive of Qantas in September 2023 when her predecessor, Alan Joyce, brought forward his retirement by two months.
Joyce's decision to stand down early came days after consumer watchdog the Australian Competition and Consumer Commission (ACCC) launched legal action against Qantas, accusing it of advertising and selling tickets for more than 8,000 flights that had already been cancelled.
In September, Qantas also issued its first-ever apology to workers after the High Court ruled it acted illegally when it fired 1,700 ground crew staff members during the COVID-19 pandemic.
The airline said that Qantas Group domestic fares were 8 per cent lower in 2023-24 than the previous year and that international fares were down 10 per cent as capacity continued to normalise.
Hudson said that the profit generated would allow Qantas to invest in its largest-ever fleet renewal programme.
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