Sydneysiders will be able to fly direct to London and New York from 2025 as Qantas restarts its push for the ultra-long haul “Project Sunrise” routes with an order for 12 new Airbus A350-1000 jets.
Qantas says it will return to profitability in the next financial year as leisure and corporate travel markets roar back to life and begin to outstrip pre-pandemic passenger levels.
The upbeat third quarter update, which pushed shares 2.9 per cent higher to $5.76 by the close of trading on Monday, predicted underlying earnings in the six months to June 30 would land between $450 million and $550 million, well ahead of analysts’ estimates.The airline said leisure travel was its strongest market, with Qantas and low-cost leisure-focused offshoot Jetstar tracking well ahead of pre-COVID capacity over the Easter school holidays.
Qantas is still on track for a heavy loss in the 2022 financial year, but is confident of its profitability in the next financial year. Net debt has fallen below pre-pandemic levels by the end of April at $4.5 billion, after blowing out during the pandemic, and capital expenditure is expected to hit a peak of $2.4 billion in 2022-23.
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