Qantas posts half-year profit drop as airfares return to earth

qantas

Qantas has posted a 13 per cent fall in half-year net profit after tax as airfares return to normal following the post-pandemic travel rush.

The carrier banked $873 million in the six months to December 2023 following an annual profit of $1.7 billion last financial year.

Budget carrier Jetstar saw an 84 per cent jump in pre-tax profit of $325 million, up from $177 million compared to the same period last year.

Qantas chief executive Vanessa Hudson said the airline has focused on lifting its service levels after a year of controversies.

“There’s a lot of work happening to lift our service levels and the early signs are really positive,” she said.

“Our customer satisfaction scores have bounced back strongly since December, and we have more service and product improvements in the pipeline.

“We understand the need for affordable air travel and fares have fallen more than 10 per cent since peaking in late 2022.”

Hudson said they were still focused on the long term.

“The journey we’re on will take time, but the spirit [we] are bringing is fantastic and it’s made us optimistic about what we can achieve together,” she said.

“We need to deliver a service that is consistently better in order to succeed long term, and that’s what we’re focused on.”