 | | BREAKING NEWS: Tuesday 23 February 2016 |  |
| Qantas announces share buyback after first-half profit jump | Qantas has reported a 234 per cent jump in its first-half profit to $688 million.
The airline enjoyed rising revenue, up 5 per cent to $8.46 billion, but benefited even more from falling costs, especially jet fuel which saved it $448 million compared to the prior period.
Despite the profit turnaround, the Qantas board has elected not to pay an interim dividend. Instead, the company is buying back up to $500 million worth of its shares, which should push up the value of the shares remaining on the market.
Two years ago, the airline posted a $235 million loss and announced a "transformation" plan that included cutting 5000 jobs. Today, CEO Alan Joyce paid tribute to the Qantas workforce.
"I'm extremely proud of our people for driving this program. Without their buy in, it simply couldn't have happened. Today's profit results would not have been possible," he said. | | | About this email You received this email because you are subscribed to ABC News email alerts. This message was sent to you at starnewsposting@gmail.com. Please add newslists@your.abc.net.au to your email address book to see images by default and stop the email being treated as spam. This email address is not monitored - Please don't reply to this email. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Add or remove topics | Unsubscribe | Contact Us |
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