Qantas net profit slips but underlying earnings up

Qantas Airways net profit for the year to June 30 fell 4.3 percent to US$100.35 million from $104.83 million a year before, but underlying profit before tax rose to $337.79 million from $85.59 million a year before, reported Dow Jones Newswires.

Underling earnings is the airline's preferred measure of its financial performance, which ignores one-off items and movements in financial derivatives used to hedge its exposure to fuel and currency.

"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.

“We believe we're on the road to recovery; that road's been consistent for some time," he added.
(Source:www.cargonewsasia.com)