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Qantas HY Pre-tax Profit Down 6.2%; To Cut Asia Capacity Due To Coronavirus

Qantas Group reported that its statutory profit before tax for the first half of fiscal year 2020 was A$648 million, down 6.2% from the prior year. Underlying profit before tax was A$771 million down 0.5% from last year.

The company said it would cut 15% of its capacity to Asia until at least the end of May due to the coronavirus outbreak.

The Group expects the net negative impact of Coronavirus to be between A$100 million and A$150 million EBIT in the second-half of 2020.

Group capacity in the second-half of 2020 is expected to decline by 3.8 per cent across international (reductions focused on Asia network; growth on US routes) and decline by 2.3 per cent in domestic.

Statutory earnings per share for the first half of fiscal year 2020 rose 3.2 percent to 28.8 Australian cents.

Revenue for the period rose to A$9.46 billion from A$9.21 billion in the prior year.

Qantas declared an interim dividend of 13.5 Australian cents per share, and announced an off-market buy back up to A$150 million of shares.

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