Media release and other data here
About Qantas - Investors
Some bits and pieces
KEY POINTS
- Underlying Profit Before Tax of $377 million
- Revenue of $13.8 billion
- Operating cashflow of $1.3 billion
- Cash balance of $3.7 billion
- Unit costs down 4.3% across the Qantas Group, excluding fuel
Significant Unit Cost Reductions
Operating expenses (excluding non-recurring items) were $968 million lower compared to the prior year, with substantial savings in fuel and manpower. Also included were QFuture savings of $533 million achieved during the year. This translated to a 4.3 per cent reduction in net underlying unit costs from 5.80 c/ASK in 2009 to 5.55 in the current year.
Fuel costs benefited from lower average prices, with into plane fuel price being 13 per cent lower than 2009
.
During the year, the Group entered 23 new aircraft into service:
- Qantas and QantasLink – 3 A380s, 1 A330-200, 3 B737-800s, 7 Bombardier Q400s
- Jetstar, including Jetstar Asia – 1 A330-200, 6 A320-200s, 2 A321-200s
The Group retired 9 aircraft – 3 B747-400s, 3 B767-300ERs and 3 B737-300s.
Qantas Freight’s Underlying EBIT of $42 million was $35 million above the comparative year. The significant improvement reflects recovery in the air freight market since November 2009.
The freighter network has shown strong recovery of volumes and yields on the key China-US routes. This is due to restocking of retail inventories and the global launch of new electronic devices. This was the most profitable year for Qantas freighters.
The belly space freight market has been slower to recover. Volumes are improving but, due to intense competition, yields remain lower than the prior year.
Dividend
The Board remains focused on balancing funding requirements of the business and investing for future growth with providing dividends for shareholders.
In this context, coupled with significant capital expenditure program associated with fleet renewal, the Board considers it prudent not to pay a final dividend. Future dividends will be assessed against ongoing earnings performance and capital requirements.
and finally
If present conditions continue, first half Underlying PBT for FY11 may be materially stronger than first half FY10.
I'll leave the Jetstar v. QF stuff to those who like to get excited about it.
