Qantas Airways said statutory profit after tax for FY24 fell 28.3% to $1.25 billion.
Statutory profit before tax of $1.88 billion, down 23.8% from the previous year. The company's revenue and other income increased 10.7% to $21.94 billion.
Underlying profit before tax of $2.08 billion, despite a 16% decrease from the previous year. Net debt stood at $4.1 billion, within the company's target range.
The airline group, which includes Jetstar, experienced an improved operating margin of 10.4%, compared to 13.5% in FY23.
Investments in new aircraft, enhanced customer experiences, and employee benefits were highlighted as key drivers in the financial outcomes.
Qantas invested $3.1 billion in capital expenditure, reflecting its focus on fleet renewal.
Vanessa Hudson, Qantas Group CEO, said, "Our focus this year has been getting the balance right in delivering for customers, employees and shareholders while building a better, stronger Qantas Group."
"Restoring trust and pride in Qantas as the national carrier is our priority, and while there’s more work to do, we’ll get there by delivering for our customers and people consistently into the future," Hudson added.
Operational performance and customer satisfaction saw marked improvements across both Qantas and Jetstar.
Qantas' on-time performance increased by 10%, and Jetstar's by 8.8% compared to the previous quarter.
The company also added 11 new aircraft to its fleet during the year.
Looking ahead, Qantas anticipates stable travel demand, with positive revenue momentum going into the first half of FY25.
The company plans to distribute up to $400 million to shareholders through an on-market share buyback.