Qantas Group Returns to Profit, Updates Fleet Plan

Originally published on Airways

The Qantas Group announced that it has returned to profit, delivering a record US$1.43bn half-year profit, which comes as demand for travel increases.

This was the first time in three years that QF had returned to profitability. During the pandemic, the group suffered US$7bn in statutory losses. 

In addition to returning to profitability, the group has announced multiple upgrades to its fleet. These upgrades are designed to restore capacity faster as there is a surge in demand for leisure travel. In 2022, the group ordered and received purchase rights for up to 299 narrowbody aircraft and 12 firm orders for widebody aircraft from Airbus.

Qantas has already received four of these aircraft and expects to receive nine more this year. However, delays of up to six months are expected over the coming years as manufacturers deal with supply chain problems.

To help offset these delays, the group has acquired five mid-life Airbus A320 aircraft to assist with freight and passenger service. After the delayed aircraft are delivered, Qantas will have the option to keep or retire these mid-life aircraft. 

Additional changes include three Airbus A321 Freighter aircraft, which are expected to be delivered in June 2025 and June 2026. The group will add two Airbus A320 aircraft for Jetstar Asia as demand for travel increases. These aircraft will be delivered in mid-2023, bringing the fleet size up to nine aircraft.

The group also has options for 12 additional Embraer E190 aircraft from Alliance Airlines to increase capacity for domestic travel.

Render: Airbus

Comments from Qantas Officials

Alan Joyce, the Qantas Group CEO, commented, “We’re at the start of a major update of the Qantas Group fleet that will unlock a lot of benefits. The aircraft we have on order will help us lower emissions, expand our network, create new jobs and ultimately serve our customers better.”

He added, “Wet leasing more aircraft from Alliance Airlines will provide a very rapid injection of extra capacity domestically, but with plenty of flexibility to adjust that over time depending on what is happening in the market.”