The Flying Kangaroo has soared to profitability after the airline posted a $1.7 billion profit for the 2022-23 financial year. It’s Qantas boss Alan Joyce’s last report to the market before handing over the reins to CFO Vanessa Hudson in November, and he didn’t waste the opportunity to hail the “substantial turnaround” after the business posted an $860 million loss a year ago. He says it’s thanks to “incredibly robust” travel demand, which has seen international airfares jump 10% on pre-pandemic levels. It’s not the last we’ll see of him – Joyce will be grilled on air travel prices when he fronts a Senate cost of living inquiry on Monday. On the flipside, Nine Entertainment posted a 38% drop in net annual profit to $195 million, led by a $85 million writedown of the value of its radio licenses and other assets. Aussie media companies didn’t feel the love last financial year – declining ad revenue took the energy out of the bounce out of COVID.

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