Qantas posts deep loss as COVID damage grows, announces share buyback
Qantas has reported an underlying before-tax loss of $1.9 billion as it grapples with the continuing effects of the COVID-19 pandemic but also announced a share buyback.
Underlying earnings before interest, tax, depreciation and amortisation was $281 million, 31 per cent lower than 2021. Qantas chief Alan Joyce said the airline said losses related to the pandemic now add up to nearly $7 billion over the last three years. “The numbers we’re reporting today put the full impact of the Delta and Omicron lockdowns on the Group in stark financial terms.The airline’s aggressive cost-cutting program- which axed about 9400 jobs and saved the company about $650 million in 2021- has been blamed for its slipping performance that’s caused thousands of delayed and cancelled flights over the past months, snaking queues and an increase in lost baggage.