Australia’s Qantas annual profit falls 16%, announces additional $271 million buyback

(Reuters) – Qantas Airways on Thursday posted a 16% drop in annual underlying profit, hurt by high fuel costs and lower fares, even as the Australian flagship carrier announced an additional share buyback of up to A$400 million ($271.36 million).

The airline’s underlying profit before tax fell 16% from the prior year to A$2.08 billion for the 12 months ended June 30, in line with a Visible Alpha consensus of A$2.08 billion.

($1 = 1.4741 Australian dollars)