Qantas stays upbeat despite posting 17% decline in underlying profit before tax

Qantas has hailed its latest financial results despite what it has described as “mixed market conditions.” The firm posted a 17% decline in its underlying profit before tax of AUS$1.3 billion ($881 million) and a statutory profit before tax of $1.27 billion for the financial year 2019. The decline was impacted by a $614 million increase in fuel costs from higher oil prices and a further $154 million of the foreign exchange impacts on non-fuel net expenditure. The result was also impacted by a $92 million non-cash expense on provisions for items including employee leave entitlements – part of an