QANTAS announced first-half net profits fell to $515 million from $688 million during the same period last year.
A restructuring cost of $137 million was largely responsible for the profit miss, but the company also pointed to increased competition on international routes as a source of profit stress.
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Underlying profit before tax fell 7.5% to $852 million for the six months to December 31st, which was higher than the company’s guidance range of $800 to $850 million.
That compares to the record profit of $921 million announced over the same period last year. Company officials didn’t provide any profit guidance for the 2016/17 period.
Qantas declared an interim dividend of 7 cents per shares (50% franked)
