* Airline rules out interim dividend after pre-tax earnings of A$417 Million.
Sydney: Australian airline Qantas shrugged off a safety scare with its flagship A380 superjumbos to post a fourfold increase in half-year net profits to $241 million Australian yesterday.
Underlying profit before tax rose 56 per cent to $417 million Australian, as sales grew 10 per cent to A$7.59 billion over the second half of last year, despite November's mid-air engine blast that grounded the double-decker planes.
"This result was achieved while overcoming significant operational challenges during the period including disruptions to the A380 network from November," the airline said in a statement.
In a sign aviation is recovering from the global downturn, Qantas flights raked in pre-tax profits of A$165 million, while budget offshoot Jetstar earned a record A$143 million. The company will not pay an interim dividend.
"Qantas and Jetstar are now the two most profitable domestic airlines in Australia, demonstrating the strength of our two-brand strategy and capacity to service and grow both the business and leisure sectors," said chief executive Alan Joyce.
Qantas, which only resumed its full A380 schedule last month, said the scare had delivered a financial hit of A$80 million, plus A$100 million in repair costs which were covered by insurance and its contract with Rolls-Royce. The airline said it was discussing compensation with the engine-maker, but was yet to strike an agreement.