The Qantas Group today announced its best first-half result since 2010 – an underlying profit before tax of $367m for the six months to Dec 31. All “operating segments” were profitable.

“The decisive factor was our complete focus on the Qantas Transformation program,” CEO Alan Joyce said.

“It’s clear that without the impact of transformation, we would not be announcing a profit today.”

Costs were down 4.8% over the previous corresponding period, while revenue increased 2.1% to $8.1bn.

“The Group is now targetting $675m of transformation benefits in financial year 2015, up from the previous target of $600m.

“Combined with $204m in benefits realised in financial year 2014, this will result in total benefits of at least $875m by 30 June 2015.”

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