Huge profit jump for Qantas powered by surging travel demand

Qantas has reported a 28 per cent hike in net profit, reaping total profit of $2.4 billion during the past financial year.

The carrier's revenue increased 8.6 per cent, while its underlying profit was marginally better than market forecasts.

"Ongoing strength in travel demand" drove international and domestic earnings," Qantas said.

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Qantas Group chief executive Vanessa Hudson said the results were pleasing but the airline was focused on improving performance.

"Continuing strong demand across all market segments, combined with our dual brand strategy, helped the Group grow earnings," she said.

"Qantas and Jetstar carried four million more customers during the year, while our Loyalty business grew as frequent flyers engaged with the program more than ever before.

"Our strong financial performance is enabling significant investment in new aircraft and customer initiatives, helping deliver better operational performance and customer satisfaction across both airlines."

In providing its annual results, Qantas said its Project Sunrise for direct flights from Australia's east coast to Europe and New York was a step closer.

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The long-range Airbus A350-1000ULR is on track to reach final assembly line in October before its scheduled delivery next October.

A final dividend of 16.5 cents a share will be paid to shareholders, in addition to a special dividend of 9.9 cents a share.

Last week, Qantas was handed a $90 million penalty for its illegal sacking of ground workers during the pandemic, in addition to $120 million compensation for former staff.

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