Australia's Qantas Airways Thursday announced a 4.3 percent drop in full-year net profits but said conditions were improving as the industry recovers from its battering in the financial crisis.
Net profits were $112 million, down from $117 million a year earlier, while underlying pre-tax profits rose three-fold to $377 million after last year's massive cost-cutting exercise.
"While global trading conditions remained challenging, they continued to improve, and the Qantas Group has delivered a strong result, more than tripling its full year profit year-on-year," Chief Executive Alan Joyce said.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"International demand and yield across the business and leisure sectors continue to improve and domestic business demand is also strengthening," he added.
Joyce said all sectors of the group, including budget offshoot Jetstar, were profitable, and that the company expects to increase capacity in the first half of next year.
But Qantas did not pay a dividend to shareholders for the second year running, and declined to forecast future profits "given the volatility and uncertainty of the aviation market".
Revenue was $13.8 billion dollars while Qantas retains a cash balance of $3.7 billion.
