SYDNEY, AUSTRALIA — Qantas Airways anticipates that the demand for air travel will exceed the supply of seats for the foreseeable future, suggesting that passengers will continue facing elevated ticket prices.

"There continues to be a discrepancy between supply and demand that's anticipated to endure, particularly in the realm of international flights," said Qantas Chief Executive Officer Alan Joyce on Tuesday.

Indicators suggest a robust demand for travel continuing beyond June and into the next fiscal year. The airline reported domestic revenues at 118% of pre-COVID levels and 123% for international travel.

The surging demand for flights, coupled with Qantas's cost-reduction measures, is enabling Joyce to increase fares and significantly boost profits during his last year as CEO. The airline expects it may take until March 2024 for international capacity to return to pre-pandemic levels, according to the Sydney-based carrier.

On Tuesday, the airline projected record pre-tax earnings of between A$2.43 billion and A$2.48 billion ($1.65 billion) for the year ending June 30. Qantas also announced an increase of up to A$100 million to an existing A$500 million share buyback.