SYDNEY — Australia's flagship Qantas Airways Ltd and its cross-Tasman rival Air New Zealand posted huge profits on Thursday , boosted by the return of robust travel demand in the post-pandemic era.
Qantas, known as the Flying Kangaroo, reported an annual underlying profit before tax of A$2.47 billion for the fiscal year ended June 30, swinging from a loss of A$1.86 billion a year ago and its first full year statutory profit since 2019. "From being 11 weeks shy of insolvency to a challenging return to flying across the industry, to finally getting back to the leading domestic operational performance," he said.
Air New Zealand on Thursday also signalled brisk customer demand for financial year 2024, after posting a large annual profit, helped by a rebound in travel. Despite cost of living pressures, surveys have found that people are planning to spend more on travel over the next six months and less on homeware, renovations and even alcohol, he said.