Higher Fuel Price to Weigh on Qantas' Near-Term Earnings
Fiscal 2018 was another stellar result for no-moat-rated Qantas, with underlying profit before tax up 15% to AUD 1.6 billion, despite a 25% jump in the jet fuel price. The key earnings drivers were strong ticket revenue across Qantas Domestic, Qantas International, and Jetstar, which each increased revenue by 5%-8%. EBIT margins were also solid, expanding by 60 basis points at the group level to 10.5%, reflecting ongoing transformation benefits. While this performance was consistent with our exp...Qantas Airways is engaged in the operation of international and domestic air transportation services, the provision of freight services and the operation of a Frequent Flyer loyalty program. Co. comprises following operating segments: Qantas Domestic, Qantas International, and Jetstar Group, all of which comprises its passenger flying businesses; Qantas Freight, which comprises its air cargo and express freight business; and Qantas Loyalty, which comprises its customer loyalty recognition programs.
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