Shares of Qantas Airways (ASX:QAN) spiked as much as 3.9% to A$5.805, recording their largest intraday percentage gain since November 23, 2022.

The Australian flag carrier announced an additional on-market share buyback of up to A$400 million.

The company also posted a 12.8% dip in HY underlying profit to A$1.25 billion.

Even though it was a decrease, it was 3% above RBC’s estimate, albeit 1.1% below the consensus estimate.

In terms of revenue, the company registered a 12.3% increase in HY revenue to A$11.13 billion, exceeding a Visible Alpha consensus of A$10.7 billion, as per Citi’s data.

As of the last close, QAN stocks had appreciated approx 4% Year-to-Date.

Qantas Airways is Australia’s largest airline servicing both domestic and international routes.