Qantas has reported a $1.9 billion underlying loss in the year to June 30, its third huge loss in a row as its recovery from COVID-19 continues before the airline finally expects to return to profitability in the next financial year.
Qantas has reported a $1.9 billion underlying loss in the year to June 30, its third huge loss in a row as its recovery from COVID-19 continues before the airline finally expects toThis was a 5 per cent drop on last year when border closures, lockdowns and other pandemic restrictions kept aviation grounded. It will disappoint analysts, who expected the underlying loss to come in closer to $1.3 billion.
The company announced a $400 million on-market buyback too. It did not declare a dividend for the 2022 financial year. The airline has spent the last several months trying to stem operational issues that have seen flights cancelled or delayed, and baggage lost at a much higher rate than usual.this week, offering up discounts and extra lounge invites.
“The past year has been challenging for everyone. We had to ramp down almost all flying once delta hit and stay that way for several months before ramping back up through multiple omicron waves,” he added on Thursday. “We saw a big improvement in baggage handling and cancellations in August, which we expect will return to pre-COVID standards next month. On time performance also improved significantly and should be close to our usual high standard in September.”
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