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Tourism update | 26 May 2023
26 May 2023
Qantas profit result
Qantas announced a revised profit forecast this week of around $2.5 billion before tax. The airline said bookings indicated that strong travel demand would continue, with revenue at 118 per cent of their pre-pandemic levels for domestic flights and 123 per cent for international journeys.
The airline said it expected there would be no softening of travel demand as it reports record profits on the back of high fares and a booming domestic market. Qantas said that, by the end of the year, they would be operating slightly more domestic flights than before pandemic restrictions, led by a significant increase in its key routes between Melbourne, Sydney and Brisbane.
The airline’s international capacity is at 84 per cent of pre-COVID-19 levels and will reach 100 per cent by March 2024, which is in line with projections across the sector.
Despite some criticism of the forecast result, given the support that the airline received during the restriction period, this is a positive for travel demand and for the return of increased services, both inbound and outbound.
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