Qantas (ASX:QAN) jumps on solid profit upgrade for 1HY23

Qantas (ASX:QAN) upgraded it’s profit guidance for the first half of FY23 this morning

The company cited strong domestic consumer demand as international capacity remains restricted. So, instead of travelling abroad, Australians are spending more time and money in Australia.

Fuel prices are still at high levels, though, with Qantas expected to spend $5bn of jet fuel this year, a company record. Still, it expects underlying profit before tax to end up $150m higher, at $1.35bn to $1.45nm, than it expected just 6 weeks ago.

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QANTAS chart, log scale (Source: Tradingview)

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