Qantas has recorded a $1.6 billion post-tax profit, up 28 per cent from last financial year.

Underlying profits saw a $316 million increase up to $2.39 billion, which is a 15 percent increase over the last 12 months.

Qantas Group CEO Vanessa Hudson said strong demand for travel is helping drive the airline’s financial gains.

“Qantas and Jetstar carried four million more customers during the year, while our Loyalty business grew as frequent flyers engaged with the program more than ever before,” she said.

The record profits come after Qantas was ordered to pay a $90 million penalty last week for illegally outsourcing ground handling during the pandemic. The penalty came on top of the $120 million compensation to employees who were unlawfully let go.

Hudson was impressed with Jetstar’s contribution to the company, increasing their underlying earnings by 55 per cent.

“Jetstar had a standout year, with its fleet renewal providing a significant boost to earnings,” she said.

“In a high cost of living environment, Jetstar continued to provide value for customers, with around one in three travelling for under $100.”

The airline announced that shareholders will be receiving a total of $400 million in dividends, or 26.4c per share.

Qantas ends the financial year with $12.2 billion of liquidity. That includes $2.2 billion in cash, $1.4 billion in committed undrawn facilities and $8.6 billion in unencumbered fleet and other assets.

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