Qantas has recorded a 15% increase in annual profit as a result of strong travelling demand and easing of capacity wars, which had previously dented domestic flight profit margins.
Qantas made a full-year net profit after tax of $980 million, compared to $852 million the year prior. Chief Executive Officer Alan Joyce says this record result comes despite higher oil prices.
Although Qantas are set to face another fuel bill increase for the 2019 financial year, Joyce is confident that Qantas will substantially recover this through a range of capacity, revenue and cost efficiency measures, in addition to their hedging program.