Qantas has reported a $1.9 billion underlying before-tax loss in the year to June 30, its third huge loss in a row as its recovery from COVID-19 continues before the airline expects to
return to profitability in the next financial year.
This 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.
On a statutory level, the after-tax loss was $860 million, boosted by the sale of surplus land the proceeds of which Qantas used to pay down its debt balance.
Revenue increased by more than 50 per cent to $9.1 billion, but this was still almost half the revenue Qantas recorded in the 2019 financial year.
Chief executive Alan Joyce said the losses from the pandemic totalled near $7 billion over the last three years.
Qantas did not declare a dividend for the 2022 financial year.
The company announced a $400 million on-market buyback too, which Mr Joyce said was a reflection of the confidence the airline had in the future.
“We’re also announcing the first capital return for shareholders since they provided us $1.4 billion at the start of the pandemic to support our recovery plan,” he said.
That recovery plan is expected to be completed in the 2023 financial year.
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