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Qantas annual profit down 16% to $2.1bn from record high as air fares decline

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International business generated $556m in 2023-24 down from $906m a year ago when demand was surging, capacity lower and fares higher

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Qantas Airways has posted a $2.1bn annual underlying profit, down 16% from last year’s record result, in a tumultuous year marked by the early exit of its former chief executive and mounting public anger at its service and ticket policies.

Australia’s biggest airline said bookings and travel demand remained stable across its flying brands, although moderating air fares had eroded profits, especially on international flights.

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