Qantas Posts FY Profit; Orders 12 Airbus A350 And 12 Boeing 787 Aircraft

CHICAGO (dpa-AFX) - Qantas Group (QAN.AX, QUBSF.PK) reported a profit in financial year 2022/23 compared to a loss in the prior year, driven by strong travel demand and completion of A$1 billion

recovery plan. It also announced an on-market share buy-back of up to A$500 million. In addition, Qantas announced a firm order for 12 Airbus A350 and 12 Boeing 787 aircraft to progressively replace its existing A330s.

Annual underlying profit before tax was A$2.47 billion, a significant turnaround from the underlying loss before tax of A$1.86 billion in financial year 2021/22.Qantas announced the final piece of its jet fleet renewal program with a firm order for 24 aircraft to progressively replace its existing A330s.

As part of the deal with both Airbus and Boeing, Qantas will secure access to up to 500 million litres of Sustainable Aviation Fuel per annum that would start to flow from 2028. It has the potential to meet up to 90 per cent of Qantas' interim SAF target for 2030. The first of seven mid-life A320 family aircraft to meet growing resources flying and Jetstar Asia recovery are expected to arrive before the end of December 2023.

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