Australia’s flagship provider Qantas Airways reported a report annual revenue on Thursday as demand for air journey continues to increase post-pandemic, with the airline saying a share buyback and plans to carry extra planes to the sky.

The provider introduced it had reached an underlying revenue earlier than tax of $2.47 billion Australian {dollars} ($1.6 billion) for the yr that ended June 30, from the earlier A$1.86 billion loss a yr in the past, a press release learn. 

The board has additionally accepted A$500 million buyback which is able to start in September.

“We’re so much higher than the place we had been at first of the yr,” CEO Alan Joyce advised CNBC’s “Avenue Indicators Asia” on Thursday, attributing the earnings to its sturdy standing in Australia’s airline business resulting from low cancellation charges and “on time efficiency.” 

Demand for home and worldwide flights have made regular restoration because the pandemic, and the airline is about to extend its fleet.

Shares of Qantas closed greater than 1% larger on Thursday.

Qantas additionally introduced Thursday that it has positioned a multi-billion greenback order for 12 Airbus 350 and 12 Boeing 787 plane because it seems to retire older planes. 

“We have now a dedication to over 170 aircrafts over the following decade, and that permits us to resume our home and worldwide fleet,” Joyce mentioned.

“Our stability sheet is as sturdy as it has been in a long time, and our earnings have made a step stage with a billion {dollars} price out which implies we will afford this fleet substitute progress going ahead,” he added. 

New flight routes are additionally within the works, with long-haul direct flights from Sydney to London and New York set to take off in 2025. 

Joyce highlighted that the airline was “very courageous” to place in an order for brand spanking new aircrafts through the pandemic because it now “permits us to do issues no different airline on the planet” can do. 

Pent-up demand and revenge journey spending have saved flight costs excessive, however that is anticipated to “come down considerably” within the subsequent 12 months as worldwide capability shall be elevated by 6.4 million seats subsequent yr, Joyce mentioned. 

Home air fares are actually on common 20% dearer than in 2019 resulting from inflation and better gas costs, and the price of worldwide flights has surged by 40% to 50% since 4 years in the past. 

Joyce shall be retiring from his present place in November and is about to get replaced by Vanessa Hudson, the airline’s first feminine CEO.