Qantas (QAN) has again stiffed shareholders by withholding an interim dividend, despite storming back to profit in the six months to December 31, thanks to the plunge in oil prices and the bitter cost cutting of the past 18 months.
Qantas hasn’t paid a dividend to shareholders since 2009, and it looks like they will again miss out in 2014-15, unless there’s a change of heart on the board.
Qantas earned a net after tax profit of $203 million for the half year, compared to the controversial loss of $2.8 billion.
And despite the improvement, the airline wouldn’t give a profit estimate for the full year.
QAN 1Y – Qantas back in the black
Qantas said underlying profit before tax was $367 million for the first half, which is above the guidance range of $300 million to $350 million it had provided in December.
The result is a major turnaround from a $252 million pre-tax underlying loss in the first half the previous year.
Some analysts think that a share buyback could be announced later this year rather than paying shareholders a dividend as this will be more tax effective.
Revenue edged up 2.1% to $8.071 billion for the six months to December.
Qantas 2014/15 Half-Year Results – Investor Presentation
