News: QAN Qantas Sees Underlying Profit Before Tax Of A$1.35- A$1.45 Bln For 1H23

Nov 23 (Reuters) - Qantas Airways (QAN) :

• UNDERLYING PROFIT BEFORE TAX OF A$1.35 BILLION - A$1.45 BILLION NOW EXPECTED FOR 1H23
• NET DEBT EXPECTED TO FALL TO $A2.3 BILLION - A$2.5 BILLION BY 31 DECEMBER 2022.
• GROUP'S NET DEBT IS NOW EXPECTED TO FALL TO AN ESTIMATED A$2.3 BILLION AND A$2.5 BILLION BY 31 DECEMBER 2022
• CONTINUE TO PUT A HIGH PRIORITY ON TRAVEL AHEAD OF OTHER SPENDING CATEGORIES
• FUEL COSTS REMAIN SIGNIFICANTLY ELEVATED COMPARED WITH FY19
• FUEL COSTS EXPECTED TO REACH APPROXIMATELY A$5 BILLION FOR FY23
• OF A$400 MILLION SHARE BUYBACK ANNOUNCED IN AUGUST 2022, 76 PER CENT IS NOW COMPLETE AT AN AVERAGE PRICE OF A$5.66
• AROUND 60 PER CENT OF A$2 BILLION IN COVID-RELATED TRAVEL CREDITS HELD BY GROUP HAVE NOW BEEN REDEEMED BY CUSTOMERS
• ASSUMES FY23 UNDERLYING INTO-PLANE COST OF APPROXIMATELY A$208 PER BARREL
• REMAINS ON-TRACK TO SHARE BENEFITS OF RECOVERY WITH AROUND 20,000 NON-EXECUTIVE EMPLOYEES
• GROUP IS ADDING CAPACITY AS QUICKLY AS POSSIBLE IN SECOND HALF OF YEAR
• LOW LEVELS OF NET DEBT PUT BOARD IN POSITION TO CONSIDER FUTURE SHAREHOLDER RETURNS IN FEBRUARY 2023