For the first time in living memory, Qantas shareholders took a hit for the team. That said, it wasn’t a big one.
This week, the United States was laser-focused on this year’s most consequential profit – the chipmaker that dominates the sharemarket and is a proxy for the AI revolution, Nvidia. In Australia, all eyes were on the maiden earnings performance of Qantas boss Vanessa Hudson. Spoiler alert: she passed.
To be fair, she had been lumbered with the handicap of poor customer decisions made in earlier rounds by her predecessor, Alan Joyce. So Hudson had a lot of ground to make up. Qantas decided to provision $70 million to redress the illegal sacking of 1700 ground handlers, and it is up for a $60 million bill to upgrade cabin staff wages to comply with new governments laws on “same job same pay”.
Shareholders were never going to get a dividend in the 2024 financial year because the balance sheet doesn’t have a pool of franking credits. They are up for one in the second half of the 2025 financial year. The single most important metric contained in Qantas’ result – the “net promoter score” – rose 15 per cent to 67 out of 100. At its highest pre-COVID-19, this number hit 80, so that remains a work in progress for Hudson.
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