In a statement to the ASX, Qantas said the profit was driven by its domestic operation returning to 96 per cent of pre-COVID-19 levels and its international services back to 67 per cent.
It came despite “recovery challenges” such as aircraft delays, supply chain issues, and “constrained labour availability and training”.
Chief executive officer Alan Joyce said the result marked the airline’s first full-year profit since 2019.
“Combined across Qantas, Jetstar, and Qantas Loyalty, we delivered an underlying profit before tax of just under $2.5 billion and a statutory profit after tax of over $1.7 billion,” he said.
The statutory profit compares to an $860 million loss in the previous year.
“It’s a world away from the $7 billion in statutory losses we racked up during COVID,” Mr Joyce said.
“And a key difference between this result and our last profit is the $1 billion in restructuring that is formally ‘complete’ today.”
Mr Joyce celebrated the results as “a remarkable turnaround”, one that’s been “three years in the making”.
“And it’s been hard.
“From being 11 weeks shy of insolvency, to a challenging return to flying across the industry, to finally getting back to leading domestic operational performance.
“It’s an absolute credit to the resilience and hard work of our people, the patience and understanding of our customers, and the support of our shareholders.”
Revenue rose to $19.8 billion from $9.1 billion a year earlier, with the airline announcing a $500 million shareholder buyback, scheduled for September, alongside $500 in flight credits for its employees.
