In a massive turnaround, Qantas has announced a half-year net profit of $203 million dollars. This is a significant boost from last year, where Qantas reported a full-year loss of $2.8 billion and a half-year loss of $235 for the last six months of 2013.
Qantas achieved the $203m net profit by cost savings it has initiated over the last three years and a $2 billion transformation, low fuel prices, and high demands on their domestic business class.
The airline could save an estimated $1.4 million dollars if jet fuel prices remain low.
However, investors shouldn’t hold their breath just yet. Qantas has said that it will not be paying any interim dividends on their profit. The good news is that Qantas shares closed at $2.91 on Wednesday following the announcement.
Source: ABC Australia