Qantas posts $1.74 billion profit, first full year in the black since COVID-19

Qantas Group has posted its first full-year profit since the COVID-19 pandemic, pledging to invest more money in providing a better experience for customers.

In a release to shareholders the airline reported a statutory profit after tax of $1.74 billion and an underlying profit before tax of $2.47 billion.

The last time Qantas Group posted a full-year profit was in the 2018-2019 financial year, after which it accumulated around $7 billion in losses due to challenges faced by COVID-19 lockdowns.

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In documents tendered to the market, Qantas said customer satisfaction had "improved".

"Operational performance improved considerably during the year after a challenging ramp up, with Qantas achieving the best on-time performance of the major domestic airlines for 11 months out of 12 and Jetstar returning to pre-COVID levels," the business said.

"Customer satisfaction, while not back to pre-COVID levels, has also improved in line with operational performance."

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Outgoing CEO Alan Joyce said some of the profits will be funnelled back to staff.

"It's because we're in a strong financial position that we're able to invest in new aircraft, new destinations and new training facilities – all things that will make us better in the future," he said.

"Our people have done a superb job under very difficult circumstances. Today's result means more than 21,000 non-executive staff will receive up to $6000 worth of Qantas shares as a thank you for their part in our recovery, plus another $500 staff travel credit.

"This is in addition to a $5000 cash payment to eligible employees as new enterprise agreements are finalised."