Qantas flying back in the black

Qantas Airline made an underlying profit in the three months to September and is on track to deliver it in the first half of this financial year, chief executive Alan Joyce told the annual meeting.

"At our full-year results announcement in August I said that the group had come through the worst.

"Today I can reconfirm that statement," he said.

He said the result heralded a turnaround from a A$646 million underlying pre-tax loss in 2013/14 and a A$2.8 billion bottomline loss, which included a massive writedown on the value of Qantas' aircraft.

Passenger numbers improved in the three months to September, and the battle for domestic market share had cooled, he said.

"A more benign operating environment, including a lower Australian dollar and cheaper oil prices, was also proving beneficial," he added.

He said the results of a A$2 billion cost-cutting programme were also being realised. -- BERNAMA