Qantas outlines pilot academy plans as profit soars

YDNEY, Feb 25 (AFP): Qantas Airways posted a bumper 17.9 per cent jump in interim net profit recently and announced a share buyback, while outlining plans to create one of the southern hemisphere's biggest pilot academies.

The Australian carrier's result came in at Aus$607 million (US$473 million), with a strong performance from its domestic arm boosting the bottom line.

Underlying profit before tax, its preferred measure, which strips out one-time costs, was the highest in its history at Aus$976 million in the six months to December 31. The market welcomed the result, with Qantas shares ending 5.88 per cent higher at Aus$5.58.

The result comes on the back of an aggressive efficiency drive that has included hefty redundancies, a shift away from loss-making routes and aircraft retirements, and despite rising fuel costs.

"We met, or exceeded, all targets of our financial framework," said chief executive Alan Joyce, adding that the carrier had "a lot of momentum behind us".

"Debt is towards the bottom of our target range. Every division is returning more than its cost of capital."

Qantas Domestic, the budget Jetstar group and its loyalty programmeme all reported record results, while its international arm "held its own in a market that is producing some extremely low air fares".