Qantas has posted a $975 million pre-tax profit for the 2014-2015 financial year this morning, representing a $1.6 billion turnaround from just one year ago.
Every arm of the Qantas Group has listed squarely in the black, including the international division which had in the past represented the largest drag among the red-tailed teams.
Qantas International chalked up a full-year profit for the first time since the global financial crisis with an underlying pre-tax profit of $267 million, while Qantas Domestic listed a $480 million profit.
The Jetstar Group added another $230 million to the tally, up from a loss of $116 million in the previous financial year, with Qantas opting to write off its failed Jetstar Hong Kong operation.
The Qantas Frequent Flyer scheme poured a further $315 million into the Flying Kangaroo's pouch.
Those sky-high numbers come only 12 months after Qantas slumped to a record $2.8 billion loss.
While most of that was driven by a write-down in the value of Qantas' international fleet, the actual underlying loss of $646 million remained the biggest fall in Qantas’ modern history since the airline was privatised almost two decades ago.
Driving what is arguably the largest turnaround in Australian corporate history?
An extensive and still-underway cost savings program designed to strip out $2 billion in costs by 2017, which unlocked a whopping $894 million in the 2015 financial year alone; lower fuel costs, which added some $461 million back to the bottom line; and the end of a gruelling capacity war on the domestic front with Virgin Australia.
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