Qantas Group HY24 Results: more A321XLRs ordered

Harrison_133

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Qantas have released their results for the first half of FY24.
  • Underlying profit before tax: $1.25 billion (down 13 per cent)
  • Statutory profit after tax: $869 million (down 13 per cent)
Fleet updates:
  • 8 additional A321XLRs have been allocated to Qantas Domestic from the Group's existing Airbus order
  • Four additional mid-life A319s have been purchased for Network Aviation
  • Manufacturing delays have impacted delivery dates for the first A321XLR for Qantas Domestic and the A350 for Qantas International
More here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02775559-2A1506488
 
QFF numbers:
  • $270m underlying EBIT (up 23% on 1H23)
  • 15.8m members (up 1 million in the last 12 months)
  • 99 billion points earned, 82 billion redeemed (up 13% and 14% respectively)
 
Interestingly also saw this about their outlook for the current half to June 2024:
  • QF Loyalty is expected to be $500-$550m Underlying EBIT for the full year - but this excludes any changes currently being considered to the program
  • The announced new share buy-back isn't going to happen until changes to QFF have been finalised and announced to the market - sounds like this might actually be a decent investment from QF and take a bit of cash to implement
 
Wi-Fi finally being rolled out to International too. A330-200s from late-2024. A330-300/A380/787s to follow in 2025.

Also note the A220 cabin in this image:
1708552689948.png
 
E-mail from Qantas to QF members that just went out: "Average fares have dropped more than 10 percent since peaking in December 2022 and we'll shortly announce a major investment to improve our Frequent Flyer program".
 
Let me guess - like Delta they will do a deal with Amex to let cardmembers into the Qantas Club - duplicating the long lines of people waiting to go into Delta Skyclubs
 
One for the finance peeps, so when do they start paying tax again?

Tax losses from Covid are almost gone.. only $206m left, versus a $288m 'bill' for this half (and $409m for the prior years half)
(See Note 7 to the Financial Statements)

If you look at the financials they are pretty much paying the 30% corporate tax rate with minimal adjustments.

So I'd expect some actual tax to be paid this FY based on profits thru June 2023.
 
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Anyone else notice (and know the name) of this new corporate font QF is progressively rolling out, which is gradually replacing the current Ciutadella font?

IMG_6669.jpegIMG_6666.jpegIMG_6670.jpeg
 
Anyone else notice (and know the name) of this new corporate font QF is progressively rolling out, which is gradually replacing the current Ciutadella font?
Oh good pick up! I'm a design / font nerd and I didn't even pick up that they were using something other than Ciutadella when I was skimming through everything today.

Looking at the PDFs they've released today the font they are using is Söhne from NZ-based Klim Type Foundry: Klim Type Foundry · Söhne fonts
 
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are the extra 321XLRs compensation for the 350 delays?
Aren’t they just a reallocation between QF and JQ? No actual additional planes overall? If I read the OP correctly.
 
Oh good pick up! I'm a design / font nerd and I didn't even pick up that they were using something other than Ciutadella when I was skimming through everything today.

Looking at the PDFs they've released today the font they are using is Söhne from NZ-based Klim Type Foundry: Klim Type Foundry · Söhne fonts
Thanks! Now we can have a side-by-side comparison


IMG_6664.jpegIMG_6690.jpeg
 
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