In an announcement to shareholders immediately, Australia’s nationwide flag provider Qantas reported a US$2.8 billion income loss for the second half of the 2020 monetary 12 months. Airline blamed the income hit on the crippling results of the COVID-19 pandemic.
Qantas posted an US$89 million pre-tax revenue for the 12 months ending June 30, 2020, down 91 % on the 12 months earlier than.
In the course of the first half of the monetary 12 months earlier than the pandemic grounded international journey to a halt, Qantas recorded a US$553.8 million revenue earlier than tax.
“We have been on monitor for one more revenue above one billion Australian {dollars} (US$718 million) when this disaster struck,” Qantas Group CEO Alan Joyce mentioned.
“The truth that we nonetheless delivered a full 12 months underlying revenue reveals how shortly we adjusted when income collapsed.”
The corporate attributed the “minimized” monetary affect to swiftly applied value chopping measures, and inserting a lot of the flying enterprise right into a type of hibernation, reporting that from April 2020 to the top of June, firm income fell 82 % whereas money prices have been lowered by 75 %.
“The affect of COVID on all airways is evident. It’s devastating and it is going to be a query of survival for a lot of,” Joyce mentioned.
“What makes Qantas totally different is that we entered this disaster with a robust steadiness sheet and we moved quick to place ourselves in an excellent place to attend for the restoration.”
