Half Year Results

[Red Roo]

Key points:

· Underlying Profit Before Tax: $367 million
· Statutory Profit After Tax: $206 million
· Transformation benefits: $374 million
· Comparable unit cost reduction: 4.8 per cent[1]
· Cash generated from operations: $1 billion
· Positive net free cash flow: $194 million
· Liquidity: $3.6 billion, including $2.9 billion cash
· Earnings per share: 9.2 cents
· No interim dividend

bit.ly/1aliIf5

 

[JessicaTam]

Good to see things are on the improve.

 

[TomVexille]

Now that international is making a profit, does that mean an investment in aircraft again?

 

[moa999]

Nothing on 787-9s :-(

Not much at all happening on the fleet in the 2H (ie. to 30 June 2015)

From Pg. 11 of the Supp slides (available on ASX website)

Net reduction of up to 7 aircraft during 2H15
– 1 aircraft delivery: 1xB787 - 8
– Reduction of up to 8 aircraft: 1xB747 - 400, 1xQ300, up to 6xB737 - 800

The up-to six 737-800s is interesting given QF has just reached the 75 737 number with Retro Jet

Noted also no reduction in A330-200s - given previous suggestions that 2 would go back to lessors as the remaining 4 with JQ came to QF (this internal transfer wouldnt figure in total numbers)

 

[Pleb Status]

Nice to see the $59M donation (for the half year) to QF profits from the 'mad monk' with the removal of the carbon tax. Should the ACCC now force QF to reduce their prices accordingly? QF announced that they would charge (and did) us for the carbon tax but when it was abolished, it was all very quiet.

 

[medhead]

JQ numbers?

 

[Red Roo]

JQ numbers?

From the media release:

Jetstar Group
The Jetstar Group reported Underlying EBIT of $81 million, an improvement of $97 million compared with the same period last year.
Domestically, Jetstar achieved EBIT of $63 million, driven by improved yields and loads and a continued focus on management of costs and capacity.
Jetstar International achieved strong earnings of $51 million, benefitting from network changes and the introduction of the Boeing 787 Dreamliner
Dreamliners will operate all Jetstar’s long-haul flights from September 2015, delivering an improved customer experience and lower unit costs.
The Jetstar brand continues to grow in Asia, where Qantas’ investments will generate long-term returns from the world’s most important emerging aviation markets. Jetstar-branded airlines now fly to 66 destinations across 16 countries in the Asia Pacific region.
The Jetstar-branded airlines in Asia improved their performance in the first half relative to the prior corresponding period, with a $13 million reduction in Qantas’ share of losses.
Singapore-based Jetstar Asia was profitable in the second quarter, following significant capacity restructuring in the market.

 

[clazman]

Curious to know how much of the profit is due to the saving on fuel / US$...but either way hopefully the start of good things

 

[vitagen]

Would Per-Sin be considered long haul for JQ?

 

[mannej]

Would Per-Sin be considered long haul for JQ?

Considering its operated by an A320 I doubt it.

 

[MEL_Traveller]

Let's not forget there have been a lot of job cuts to help achieve this profit

 

[Ansett]

Now give us 787s please and make QFi even more profitable and add new destinations and hey lets get Perth back on to the International QF radar.

 

[jimmylikesitwet]

The supplementary investor presentation states up to 6 737-800 aircraft may be retired in the next 6 months. That's a few more than previously announced I believe. I presume this is just due to less domestic demand?

 

[jimmylikesitwet]

Curious to know how much of the profit is due to the saving on fuel / US$...but either way hopefully the start of good things

The results state $33mil. Not insignificant but also less than 10% of the PBT.

 

[moa999]

So reading between the lines.

EBIT 1H15 1H14
Jetstar Domestic 63 ? - Aus Domestic
Jetstar International 51 ? - Aus shorthaul intl, longhaul intl, Trans Tasman and NZ Domestic
The Rest (33) (46) - Asia (Singapore) (49%), Pacific (Vietnam) (30%), Japan (33%), Hong Kong (24.5%) - not broken out, apart from saying Asia was profitable for Oct-Dec 2014 (2Q)
Total Jetstar 81 (16)

Unclear if NZ Domestic is profitable or not.
Nothing in Asia is profitable, although Singapore has seemingly turned the corner

 

[N860CR]

Let's not forget there have been a lot of job cuts to help achieve this profit

And all staff have been forced to take big paycuts, including the lowest paid. But big bonus' for Joyce, high 5's all round!

 

[AustraliaPoochie]

Thought that 737-800 were the newest type of plane that QF had acquired, surprising that they would let 6 of them go.
The 767s gave us many years of service, the 737-800s maybe max of 10 or so?/!

 

[jimmylikesitwet]

Thought that 737-800 were the newest type of plane that QF had acquired, surprising that they would let 6 of them go.
The 767s gave us many years of service, the 737-800s maybe max of 10 or so?/!

The oldest arrived late 2001 so it's over 13 years. Some of the 767s were only that old.

 

[AustraliaPoochie]

Ah, I did try to check on the QF website and google.com, but guess my search wasn't deep enough, only NG mentioned...
Ta.

 

[drpurpleturtle]

Thought that 737-800 were the newest type of plane that QF had acquired, surprising that they would let 6 of them go.
The 767s gave us many years of service, the 737-800s maybe max of 10 or so?/!

The oldest arrived late 2001 so it's over 13 years. Some of the 767s were only that old.

From what I've heard 1 of the 6 will be from Jetconnect and the other 5 from the VH-VYA/B/C/D/E/F/G/H/I/J/K/L group. Just rumours though...