Australian airline Qantas has reported a 13% drop in profit for the first half of the financial year. The airline's profit fell to $780 million, down from $896 million in the same period last year. This decline has been attributed to rising fuel costs and competitive pressures in the aviation industry.
In response to the decrease in profit, Qantas has announced a $262 million share buyback program. This additional buyback is part of the airline's ongoing efforts to return capital to shareholders and improve shareholder value. Qantas had previously completed a $332 million buyback in August last year.
