{"id":2010282,"date":"2023-08-24T00:47:02","date_gmt":"2023-08-24T04:47:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/qantas-air-new-zealand-profits-soar-as-post-covid-travel-zooms\/"},"modified":"2023-08-24T00:49:11","modified_gmt":"2023-08-24T04:49:11","slug":"qantas-air-new-zealand-profits-soar-as-post-covid-travel-zooms","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/qantas-air-new-zealand-profits-soar-as-post-covid-travel-zooms\/","title":{"rendered":"Qantas, Air New Zealand profits surge amid post-COVID travel boom."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fqantas-air-new-zealand-profits-soar-as-post-covid-travel-zooms%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2010282&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Praveen Menon, Roushni Nair and Archishma Iyer<\/p>\n<p><strong>SYDNEY (Reuters) &#8211;<\/strong> Australia\u2019s flagship Qantas \u2062Airways Ltd and\u2064 its cross-Tasman rival Air New Zealand posted <strong>huge profits<\/strong> \u200b on Thursday, boosted by the return \u200dof \u2062robust travel\u2063 demand in the post-pandemic era.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Air travel \u200dhas boomed since\u2064 the removal of pandemic restrictions and border closures in both countries last year. That, combined with a shortage of aircraft, parts\u2062 and labour, has contributed to higher airfares, which peaked in the \u200dDecember \u200bquarter.<\/p>\n<p>European airlines like Germany\u2019s Deutsche \u200cLufthansa and Air France-KLM have also given upbeat forecasts for demand.<\/p>\n<p><strong>Qantas, known as the \u200bFlying Kangaroo,<\/strong> reported \u2064an annual underlying profit before tax of A$2.47 billion ($1.60\u200b billion) for\u200d the fiscal year ended June 30, swinging\u2064 from a loss of A$1.86 billion a year ago and its first full year statutory profit \u200csince 2019.<\/p>\n<p>It also \u2062announced an order for 24 new wide-body aircraft \u2013 the final piece of the company\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/qantas-air-new-zealand-profits-soar-as-post-covid-travel-zooms\/\" title=\"Qantas, Air New Zealand profits surge amid post-COVID travel boom.\">jet \u2062fleet renewal programme<\/a>. <\/p>\n<p>\u201cThis is a remarkable turnaround, three years in the making, and it \u200dhas been hard,\u201d <strong>Qantas\u2064 Group CEO Alan Joyce<\/strong> said at \u200da news conference.<\/p>\n<p>\u201cFrom being 11 weeks shy of insolvency to a challenging return to flying across the industry, to finally getting back \u200bto the leading\u2062 domestic operational \u200dperformance,\u201d he said.<\/p>\n<p>Qantas said its domestic capacity is expected\u200b to \u2062remain above pre-COVID levels\u200b throughout fiscal \u20642024.<\/p>\n<p>The profit\u200b was helped by the completion\u200c of the group\u2019s A$1 billion recovery programme launched in 2020, in the wake of the\u200d COVID-19 pandemic.<\/p>\n<p><strong>Air New Zealand<\/strong> on Thursday also \u200bsignalled\u2063 brisk customer\u200b demand \u200dfor financial year 2024, after posting a large annual profit, \u2064helped by a rebound in \u2064travel. \u2064   <\/p>\n<p>\u201cHaving restored its international network, \u2062the airline\u2064 carried out the biggest recruitment drive in its history \u200dand returned all \u2063aircraft to the skies,\u201d\u200c <strong>Air New Zealand<\/strong> said\u200c in \u200ca statement.<\/p>\n<p><strong>STRONG DEMAND<\/strong><\/p>\n<p>Qantas\u2019 results beat the mid-point of its profit outlook of A$2.43 billion to A$2.48 billion, nearly\u200d A$850 million higher than its 2018 record \u2062levels of A$1.60 billion.<\/p>\n<p>Analysts were\u200c expecting a profit of A$2.45 \u200cbillion,\u2062 according to Refinitiv Eikon.<\/p>\n<p>Qantas also announced a share buyback programme of A$500 million. The company, however, did not announce a final dividend, continuing the trend of non-payment for the past three years.<\/p>\n<p>Qantas CEO Joyce, speaking \u200cat a news conference, said travel demand is extremely \u2064robust at\u2064 the moment. <\/p>\n<p>Despite cost \u200bof living pressures, surveys have \u2062found that people are planning to\u2062 spend more on travel over the next six months and less on \u2064homeware, \u2064renovations and even alcohol, he said.<\/p>\n<p>\u201cWith strong performance across the business, a robust\u2064 outlook, \u200cnet\u200d leverage of just\u2064 0.6x and total sources of liquidity of around $10\u200d billion, the credit metrics \u2064and factors supporting its credit\u2064 profile have never looked\u200d stronger,\u201d said Ian Chitterer, vice president, Moody\u2019s Investors Service.<\/p>\n<p>It\u2019s the \u200bfinal results announcement for Joyce who makes way\u2064 for new CEO Vanessa Hudson in November, \u2064the first \u200cwoman\u200b to lead the century-old airline. <\/p>\n<p>Joyce, whose\u200c 15 years in the job has made him one\u200c of the longest-serving CEOs of a major Australian company, has been criticised for the reputational \u200dcrisis faced\u200b by airline during the pandemic, as passengers were frustrated with delays, cancellations, lost baggage and \u200cstaffing issues.<\/p>\n<p>\u201cIt\u2019s\u200d bit of bittersweet moment,\u201d Joyce told reporters.<\/p>\n<p>\u201cThe\u200b future of \u200cQantas has never looked \u2063better and that is one thing I am very proud\u2062 of,\u201d \u200bhe said.<\/p>\n<p>($1 = 1.5437 Australian dollars)<\/p>\n<p>  (Reporting\u200d by Roushni Nair and Archishma Iyer in Bengaluru;\u200b Editing by Sherry\u2064 Jacob-Phillips\u2064 and Sam Holmes)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/qantas-air-new-zealand\/attachment\/sydney-airport-as-australia-reacts-to-the-new-coronavirus-omicron\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Biden says\u2063 Putin is behind the Wagner Group Leader \u200dPrigozhin\u2019s downed plane, while \u200cAmerica\u2019s Mayor, Rudy Giuliani, turns himself in.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>The rapper who gained viral fame with his hit song \u201cBoycott \u2062Target,\u201d Forgiato Blow, \u200bdiscuss his timely new song that tackles one of \u2063the biggest current news stories: \u200dTrump\u2019s indictments.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Make America Great \u2062Again\u2064 Inc. spokeswoman\u200c Karoline Leavitt blasts President Joe Biden\u2019s record\u2064 on the economy, saying\u2063 American voters will remember 45th President Donald Trump\u2019s booming success in that regard.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Hawaii \u200dGovernor \u2064Josh Green says \u2062he is considering pausing land purchases after residents report being contacted by realtors offering cash for destroyed property.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Ju-min Park SEOUL (Reuters) \u2013<\/strong> \u200cSouth\u200c Korean internet\u2064 giant Naver unveiled on\u200b Thursday its own generative artificial intelligence (AI) tool, joining\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By \u200dChavi Mehta, \u2063Max A. Cherney and Stephen Nellis (Reuters)\u200b &#8211;<\/strong>Nvidia far\u200d exceeded expectations\u200d with its quarterly revenue \u200cforecast on Wednesday as\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>(Reuters) \u2013<\/strong> Apple urged members of\u200c the California legislature to pass \u2063the &#8220;right\u2062 to \u2062repair bill&#8221; or &#8220;Senate Bill 244&#8221; as currently\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By \u2064Noel Randewich (Reuters) &#8211;<\/strong>Nvidia\u2019s \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-tech-braces-for-roll-out-of-eus-digital-services-act\/\" title=\"Big Tech prepares for EU's Digital Services Act launch.\">strong quarterly revenue forecast delivered<\/a> on Wall Street\u2019s high expectations \u2064on Wednesday, sparking gains in a range\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s Qantas Airways and Air New Zealand reported significant profits due to the strong resurgence in travel demand following the lifting of pandemic restrictions and border closures.<\/p>\n","protected":false},"author":66,"featured_media":2010283,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2010282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2010282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2010282"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2010282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2010283"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2010282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2010282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2010282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}