QAN +8.70%: The flying Kangaroo said 1H23 profit before tax would be in the range of $1.2-$1.3bn, ‘slightly’ ahead of the consensus of ~$500m and compares to FY consensus of $1.16bn i.e. it was simply a stunning update with Qantas cashing in on exorbitant airfares with 1H earnings likely to be more than what analysts were expecting for the full year. They said domestic capacity is back to 94% of pre-covid levels while international was at 61% with both edging higher in the 2H. All is going well for QAN with shares rallying as a consequence, although they did taper off from early highs with the stock up more than 11% at its peak.
MM remains neutral QAN
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