Qantas Reported Swift Profit Turn Around: Announced it would buy Eight Boeing Co 787-9 Dreamliner Jets
Australian flagship carrier, Qantas Airways reported strong profits for the full year. In the year that ended on 30 June, the airline posted A$975 million ore tax profit. Although the numbers slightly missed the analysts' expectation of A$982 million, but marked an extremely quick recovery from the A$646 million loss reported by the company last year.
Following the news the shares of the company jumped3.7 percent during the intraday trading hours prior to losing their gains, down in the broader market.
The Australian corporate history said it will buy eight new Boeing Co 787-9 Dreamliner jets which are more fuel-efficient. These aircrafts will allow the Flying Kangaroo to introduce the possible longest routes.
It also said that, the carrier will make its very first cash payout to its shareholders in last six years. The massive cost cutting effort coupled with support from the cheaper costs of fuel led the company to its fastest turnaround ever in its history.
The CEO of the company Alan Joyce said that credit of the turnaround goes to the cut costs strategy which also includes cutting 5,000 jobs, raised fares and revamping the frequent flyer programme offered by the airline.
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