News: QAN Qantas Says On Track To Return To Profitability In FY23

June 24 (Reuters) - Qantas Airways Ltd (QAN) :

• ALSO ON TRACK TO RETURN TO UNDERLYING PROFIT IN FY23
• COST OF RECOVERY BOOST TO GROUP IS ESTIMATED AT AROUND A$87 MILLION IN FY22
• DOMESTIC CAPACITY REDUCTIONS TO HELP RECOVER HIGHER FUEL PRICES; NO CHANGE TO INTERNATIONAL
• EXPECTATION OF UNDERLYING EBITDA FOR 2H22 OF A$450-550 MILLION UNCHANGED
• GROUP IS ALSO ON TRACK TO RETURN TO UNDERLYING PROFIT IN FY23.
• NET DEBT IS EXPECTED TO FALL TO AROUND A$4.0 BILLION BY 30 JUNE 2022
• FOR JULY AND AUGUST, AN ADDITIONAL 5 PERCENTAGE POINTS OF CAPACITY WILL BE REMOVED ON TOP OF 10 PER CENT ANNOUNCED IN MAY
• THIS TOTAL 15 PER CENT CUT WILL ALSO BE APPLIED TO SEPTEMBER
• CUT OF 10 PERCENTAGE POINTS WILL BE APPLIED TO SCHEDULES FROM OCTOBER THROUGH TO END OF MARCH 2023
• GROUP'S PLANNED DOMESTIC FLYING DOWN TO 106 OF PRE-COVID LEVELS FOR Q2 OF FY23 AND 110 PER CENT FOR Q3
• JETSTAR CEO GARETH EVANS HAS MADE DECISION TO STEP DOWN FROM HIS CURRENT ROLE IN DECEMBER 2022
• INTERNAL RECRUITMENT PROCESS FOR JETSTAR CEO ROLE IS UNDERWAY, WITH A HANDOVER OF SEVERAL MONTHS EXPECTED
• GARETH WILL REMAIN WITH GROUP INTO NEXT YEAR TO WORK ON KEY PROJECTS BEFORE LEAVING DURING 2023
• NO CHANGES TO GROUP'S INTERNATIONAL CAPACITY PLANS