Qantas third quarter revenue up 2.3%

By Richard Blank

The Australian airline Qantas has released a trading update detailing positive results for the third quarter.

The standout result was a revenue increase of 2.3% compared to last year, rising to AU$4.4bn (US$3.07bn). Contributing to this growth was the strength of leisure travel in the domestic market.

The result was made more impressive by the fact that the timing of Easter meant it fell outside of the third quarter. Consequently, “a significant amount of revenue also moved into the fourth quarter, with a favourable alignment between public holidays and school holidays driving very strong leisure travel demand.”

The update mentioned another hurdle the company had to overcome: “The Qantas Group continued to deliver revenue growth in the third quarter of FY19 as it remains on track to fully offset the impact of significantly higher fuel costs compared with last year.”

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Qantas’ CEO Alan Joyce said that “the group continues to perform well, with strength in key parts of our portfolio helping to hedge against headwinds in other areas.”

“Overall, we expect the group to achieve a record level of revenue this financial year and strong cash flow as we continue to deliver for shareholders, customers and our people,” Joyce added.

As Reuters reports, the news sent Qantas’ share price up some 4% before it settled at an increase of 2.5%.

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