Qantas Profit $111m, up from $42m 1H2013

Airline carrier, Qantas (ASX:QAN) has reported its first half results to shareholders, investors and traders.

• Qantas Net Profit for the six months to December was $111 million, up from $42 million in the previous corresponding period.
• The profit result includes $125 million payment from Boeing (BA in Nasdaq) as part of changes to Qantas' Boeing 787 Dreamliner orders
• Qantas international operations had underlying earnings before interest and tax (EBIT) loss of $91 million in the 26 weeks which was an improvement from a $262 million loss in the previous corresponding period.
• Qantas chief executive Alan Joyce said, "The result demonstrates the progress of the Qantas group despite a challenging competitive environment. We have taken significant costs permanently out of the business."
• Qantas domestic operations fell 34 percent to $218 million.
• Joyce said, "Clearly this reflects the elevated levels of capacity growth into the market as the competitor tries to claim market share from Qantas domestic But Qantas has maintained its leading 84 percent share of the corporate market."
• Qantas underlying profit before tax - the airline's preferred measure of financial performance - was $223 million.
• The Emirates-Qantas partnership is awaiting regulator approval which is expected in March.
• Jetstar reported a 13 percent fall in pre-tax earnings to $128 million
• Jetstar is due to take delivery of the Qantas' first 14 787-8 Dreamliners in August.