Sumary of Qantas sees huge losses as carrier prepares for restart:
- Qantas has posted an AUS$2.6 billion (£1.2 billion) full-year loss for 2021 as a result of the Covid-19 crisis.
- Periods of open domestic borders in the second half of the year saw significant cash generation by Qantas and Jetstar, which helped the group to reduce net debt from AUS$6.4 billion (£3.4 billion) in February down to AUS$5.9 billion (£3.1 billion) by the end of June.
- Throughout the year, cash flow was underpinned by continued strong performance by Qantas Loyalty and significantly higher international yields for Qantas Freight.
- Qantas Group chief executive, Alan Joyce, said: “This loss shows the impact that a full year of closed international borders and more than 330 days of domestic travel restrictions had on the national carrier.
- This creates a range of potential travel options that Qantas and Jetstar are now preparing for.