First Impression: Qantas Airways (QAN) FY16 Result

Qantas Transformation program increased to $2.1b by FY17: Delivery of transformation benefits of $557mn ahead of guidance of $450mn. So far $1.66 billion benefits realised .Ex-fuel expenditure reduced by 9% | Segment EBIT; Qantas Domestic up 20% to $578m; International up 92% to $512m; Jetstar up 97% to $452m; Loyalty up 10% to $346m; Freight down 44% to $64m | Net debt of $5.6 billion within target range of $4.8 billion to $6 billion | Net operating cash flow up 38% to $2.8 bn (free cash flow $1.7bn).