STORY: Qantas shares surged Thursday (August 28) on news of robust results.

The Australian airline said annual profits rose by 15% to $1.6 billion.

Chief Executive Vanessa Hudson told reporters that travel demand remained strong.

She said corporate flying was almost back to pre-Covid levels.

The news sent shares in the company soaring to record highs.

They were up over 8% by mid-afternoon.

The numbers also suggest that Qantas is on the road to recovery after a tough few years.

When Hudson took over in 2023 the airline was facing a blizzard of bad news.

Among other crises, it was sued by Australian regulators for selling thousands of tickets for flights that it knew had been cancelled.

Qantas was also found to have illegally sacked 1,800 ground staff during the Covid pandemic.

Now the company says it expects domestic fares to rise by up to 5% over the first half of the new financial year, with international fares to rise by a little less.

However, its results suggest that travelers remain hungry for cheap tickets. Related Videos

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While Qantas saw earnings from international flights up 7% over the year, earnings from budget arm Jetstar surged by 55%.

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