Published Aug 23, 2023 06:46PM ET Updated Aug 23, 2023 10:15PM ET
© Reuters. A ground worker walking near a Qantas plane is seen from the international terminal at Sydney Airport, as countries react to the new coronavirus Omicron variant amid the coronavirus disease (COVID-19) pandemic, in Sydney, Australia, November 29, 2021. RE
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By Praveen Menon, Roushni Nair and Archishma Iyer
SYDNEY (Reuters) -Australia’s flagship Qantas Airways Ltd and its cross-Tasman rival Air New Zealand posted huge profits on Thursday, boosted by the return of robust travel demand in the post-pandemic era.
Air travel has boomed since the removal of pandemic restrictions and border closures in both countries last year. That, combined with a shortage of aircraft, parts and labour, has contributed to higher airfares, which peaked in the December quarter.
European airlines like Germany’s Deutsche Lufthansa (ETR: ) and Air France-KLM have also given upbeat forecasts for demand.
Qantas, known as the Flying Kangaroo, reported an annual underlying profit before tax of A$2.47 billion ($1.60 billion) for the fiscal year ended June 30, swinging from a loss of A$1.86 billion a year ago and its first full year statutory profit since 2019.
It also announced an order for 24 new wide-body aircraft – the final piece of the company’s jet fleet renewal programme.
Qantas, Air New Zealand profits soar as post-COVID travel zooms
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