Shares of QAN soared over 9% higher in early trade, reaching a 3-month high of $5.78, as the airline reported a record $976 million profit for the December half.
The company also announced a $500 million share buyback scheme.
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Earnings from the domestic operations grew by over 20%, which offset the 5.5% fall in international flights due to higher fuel costs.
We posted a report on Tuesday suggesting QAN was a buying opportunity at $5.25 in front of today’s earnings report.
We see technical resistance at the $5.81 level and suggest taking profits and looking for a lower level to buy back in front of the March 7th dividend.
QANTAS
