Qantas profit soars with record return

  • 24/08/2016

Australian airline Qantas has turned its fortunes around, posting a profit of AU$1.53 billion (NZ$1.6 billion).

It'll pay its shareholders a dividend for the first time in seven years.

The huge profit, for the year up to June 30, is a 57 percent rise on the year before. It's the best result in the airline's 95-year history.

"This was a true team performance, which shows that our strategy is the right one for the tough markets we're operating in and the long-term opportunities we see ahead of us," chief executive Alan Joyce said in a statement.

"Transformation has made us a more agile business, created value for our shareholders and given us a platform to invest for the future. Qantas is stronger than ever, but we're also determined to keep changing and adapting so that we can succeed no matter what environment we're in."

Air New Zealand is expected to announce its annual result on Friday.