Bonuses for Qantas staff after $852m profit

Around 25,000 Qantas staff will each get a bonus of $2500 after the airline delivered a full-year profit of $852 million.

The staff bonus - $2000 for part-time employees - is not quite as generous as last year, when staff were rewarded with $3000 each.

Announcing its annual results on Friday, Qantas said net profit for the year fell 17.2% on the previous year, when the airline posted its best result in its history, boosted by the sale of the Sydney Domestic Terminal.

Qantas's underlying before-tax profit of $1.4 billion is its second best result ever.

The company has declared a final unfranked dividend of seven cents per share and announced a $373 million share buyback.

"Three years ago, we started an ambitious turnaround program to make the Qantas Group strong and profitable," Qantas chief executive Alan Joyce said in a statement.

"We tackled some difficult structural issues, became a lot more efficient and kept improving customer service," Mr Joyce said.

"Today's announcements show this plan has well and truly paid off.

It's delivered $3.5 billion in cumulative underlying profit, record customer satisfaction and the opportunity for Qantas to grow.

"Our people remain central to our success, and that is why it is so pleasing that we are able to grant another bonus to around 25,000 non-executive employees to mark the successful completion of the turnaround program."

The latest staff payout brings the total for non-executive bonuses since the start of the turnaround in 2014 to $220 million.

Qantas Domestic delivered a record underlying EBIT of $645, up $67 million on the same period last year, while Qantas International declined by $185 million to deliver an underlying EBIT of $327 million, which the airline blamed on "capacity growth in the broader market".

Earnings at Qantas Freight and Jetstar were also lower than the previous year, at $47 million and $417 million respectively, but Qantas Loyalty earnings increased $23 million to $369 million, a record result partly thanks to a resumption of the Woolworths partnership.

Topics:  airlines editors picks profit qantas

News Corp Australia

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