Believe It Or Not, Qantas Is Cruising Towards Record Profits Of $1.45 Billion
(Photo by James D. Morgan/Getty Images)
— 24 November 2022

Believe It Or Not, Qantas Is Cruising Towards Record Profits Of $1.45 Billion

— 24 November 2022
Garry Lu
Garry Lu

Unprecedented levels of customer dissatisfaction, ongoing labour shortage, and “significantly elevated” fuel costs be damned. Thanks to a lethal combination of ridiculous airfare prices and an appetite for travel consumers have yet to satiate post-lockdown, Qantas has raised their underlying profits before tax forecast by $150 million: $1.35 billion – $1.45 billion (H1 of FY23). According to The Sydney Morning Herald, that estimated figure exceeds the previous record set in 2016 by 52%.

“Consumers continue to put a high priority on travel ahead of other spending categories and there are signs that limits on international capacity are driving more domestic leisure demand, benefiting Australian tourism,” Qantas explained via statement.

“While capacity is constrained, over a million sale fares were launched in October and further sale activity is planned in the weeks ahead. More than five million reward seats are available for frequent flyers over the next year and more Points Planes will be released soon.”

RELATED: Qantas Now Lets You Block The Seat Next To You For Just $30

“Qantas Group is adding capacity as quickly as possible in the second half of the year while maintaining operational reliability.”

As a result, Qantas Group’s net debt is now expected to decrease by an even healthier $900 million, hovering around a revised guidance of between $2.3 billion and $2.5 billion by December 31 of 2022.

This is largely due to the “acceleration of revenue inflows” as customers book flights on Qantas, Jetstar, and partner airlines into the second half and beyond, plus about $200 million worth of capital expenditure deferral to the second half.

Qantas added: “Around 60% of the $2 billion in COVID-related travel credits held by the Group have been redeemed by customers. Total credit usage is consistent at a rate of circa $70 million a month and new initiatives will be announced shortly to encourage full use of remaining credits over the next year.”

Believe It Or Not, Qantas Is Cruising Towards Record Profits Of $1.45 Billion

The profits Qantas is currently on track to pocket, however, isn’t the only surprising development surrounding the crimson carrier.

Despite the aforementioned levels of customer dissatisfaction and being named the fourth worst carrier for cancelled flights by analytics company Cirium, Qantas somehow made the cut for world’s best airlines (2022).

Last year, the carrier ranked #8 thanks to the annual customer survey conducted by UK-based consultancy Skytrax. This year, during a gathering of industry leaders at London’s historic Langham Hotel after two years of virtual ceremonies, it was named #5.

RELATED: The Worst Airlines For Flight Cancellations In 2022 Have Been Revealed

In addition to making the Top 5, Qantas won the following category awards:

  • Best Catering in Premium Economy Class
  • Best Airline (Australia/Pacific)
  • Best Business Class (Australia/Pacific)
  • Best Economy Class (Australia/Pacific)
  • Best Cabin Cleanliness (Australia/Pacific)
Believe It Or Not, Qantas Is Cruising Towards Record Profits Of $1.45 Billion

Now before you cry foul (or bribery), keep in mind Skytrax’s World Airline Awards are totally independent and completely impartial. Both the global survey – which features 350 airlines from across 100 participating – and the ensuing award ceremony – which is often referred to as “the Oscars of the aviation industry” – are funded out of pocket.

As for the highest honour, Qatar Airways was crowned the world’s best airline for the seventh year. And it isn’t hard to see why given the Middle Eastern carrier’s reputation for consistency of experience and travel excellence.

For the complete Top 100 breakdown, hit the link below.

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Garry Lu
After stretching his legs with companies such as The Motley Fool and the odd marketing agency, Garry joined Boss Hunting in 2019 as a fully-fledged Content Specialist. In 2021, he was promoted to News Editor. Garry proudly retains a blue belt in Brazilian Jiu-Jitsu, black bruises from Muay Thai, as well as a black belt in all things pop culture. Drop him a line at [email protected]


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