Australia's Qantas says H1 profit more than doubled on cost cuts, cheap fuel

Australian flagship airline Qantas Airways said its first half profit more than doubled.
Australian flagship airline Qantas Airways said its first half profit more than doubled. PHOTO: BLOOMBERG

SYDNEY (REUTERS) - Australian flagship airline Qantas Airways said its first half profit more than doubled, hitting a record, as it cut costs and reaped the benefits of a lower Australian dollar and oil price.

Qantas said underlying profit before tax, the most closely watched measure, was A$921 million (S$932 million) for the six months to Dec 31, up from A$367 million the previous year and near the top of guidance it gave in December of between A$875 million and A$925 million.

The company said revenue rose 5 per cent to A$8.5 billion, while costs were fell 7 per cent.