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FLASH: Qantas posts improved half year results

Qantas has reported a recovery in its first half to 31 December financial results to a statutory net profit after tax of $111 million compared to $42 million in the previous corresponding half, but still well short of the $241 million reported for the first half of FY11.

Its preferred measure of profitability, underlying profit before tax, rose by 10% to $223 million, compared to the the first half FY12 result of $202 million.

Qantas long haul continued to lose money, but at a much reduced rate, and Qantas shareholders will again receive no interim dividend, extending the interim drought into a fourth year, despite the recent share buyback program.

This is the ASX summary.

There will be further reports later this morning.

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