Qantas Group profits have fallen 28 per cent. (Joel Carrett/AAP PHOTOS)

Qantas’ profit has taken a hit, falling 28.3 per cent to $1.25 billion in 2023/24 as airfares moderated amid increased competition.

The airline made $21.9 billion revenue in the 12 months to June 30, up 10.7 per cent from last year.

Once again, the airline will not pay any dividends but did announce a further share buy-back of up to $400 million.

Its net debt rose to $4.1 billion as new aircraft were delivered and bonuses were paid to employees.

Qantas Group said the on-time performance of both Qantas and Jetstar improved over the year, as did customer net promoter scores.

The popularity of its Perth-London, Perth-Rome and Perth-Paris trips continued to provide the confidence in the launch of non-stop flights to New York and London from Melbourne and Sydney in mid-2026.

“Our focus this year has been getting the balance right in delivering for customers, employees and shareholders while building a better, stronger Qantas Group,” said chief executive Vanessa Hudson.

“Restoring trust and pride in Qantas as the national carrier is our priority, and while there’s more work to do, we’ll get there by delivering for our customers and people consistently into the future.”