The Qantas full year to 30 June financial briefing was held this morning.

The Qantas group filings and presentations are available on www.asx.com.au under the code QAN.

The highlights are:

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  • Profit before tax down 87% compared to the previous financial year to $181 million.
  • Profit after tax is $123 million. The corresponding figures in financial year 2008 were a PBT of $1.4 billion and a net profit of $970 million.
  • The PBT for 2009 is less than the half year to 31 December PBT of $288 million, indicating a second half overall loss.
  • Those who rely on QAN dividends and received a total of 35 cents a share last year will only get the 6 cents paid for the 2009 half as there is no final dividend
  • The group will lease 4 more Airbus A330s to make up for delays to the 787 program on which it remains ‘committed’ but ‘vigilant.’
  • The additional A330s will allow Jetstar to pursue its international expansion.
  • Record earnings were made by the Frequent Flyer program of $310 million EBIT, or an underlying $226 million under complex accounting procedures outlined in a supplementary ASX filing.
  • Qantas brands lost $77 million for the full year after non-recurring items and had an underlying profit of $4 million.
  • Jetstar made a record $137 million EBIT, a rise of 18%
  • As reported by Plane Talking two months ago, Jetstar will reduce Avalon-Sydney services to 4 daily and begin direct Melbourne-Sydney flights in October to deal with Tiger at 5 flights a day, an overall increase of Jetstar capacity on the prime Qantas Cityflyer route.
  • Qantas will reconfigure its A380s and Boeing 744s for more premium economy seats and less business class seating, details to be announced later.
  • Multiple strategies will be rolled out to target the SME market (where Virgin Blue is strong).
  • There is no profit guidance.
  • However demand is now matching capacity following the parking of aircraft and reduced flying hours, and yields appear to have stabilised but not yet started to rise.
  • Alan Joyce says he believes the first flight of the Boeing 787 will take place this year and that first deliveries of the 787-9 will be made as promised by Boeing in mid-2013.
  • A detailed report will be available to Crikey email subscribers this afternoon, and followed up on Plane Talking.

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Peter Fray
Peter Fray
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