Qantas chairman Leigh Clifford lifted his personal stake in the airline last week to well over $1 million with a tidy parcel of shares worth $150,000.
It lifts the number of shares he holds in Qantas from around 293,000 to almost 333,000, a stake worth over $1.2 million on today’s share price.
The 40,000 shares were bought in an on-market trade by UBS at a price of $3.76 on behalf of the Clifford family trust, according to a statement to the ASX.
The airline’s shares were trading at $3.77 on the exchange this morning.
The resurgence in the Qantas share price over the past two years has been remarkable. In 2014 the airline posted a $2.8 billion loss and announced a $2 billion cost-cutting program involving some 5,000 layoffs.
As it has restructured its cost base, other factors have been helping the Qantas revival: plummeting global oil prices have lifted profit margins for many airlines around the world, and the falling dollar has lifted growth in both the appeal of domestic tourism for locals and Australia as a destination for overseas visitors.
Last month it posted a 239% increase in profit to $688 million.