Qantas reports “strong recovery”

QANTAS Group has emphasised a “strong recovery underway”, despite recording a statutory loss before tax of $1.19 billion for the 12 months to 30 June.

The company said its third major pre-tax loss was a result of COVID-19 – with the overall impact of the pandemic now at almost $7 billion – in addition to upfront costs from resuming operations as lockdowns came to an end.

Taking a positive stance, CEO Alan Joyce highlighted the record growth of Qantas Freight and Loyalty, and revealed that leisure bookings are already around 125% of pre-COVID levels, while business travel is back to 90% despite many people still working from home.

“We always knew travel demand would recover strongly, but the speed and scale of that recovery has been exceptional,” he said.

Qantas’ net debt has fallen from a record $6.4 billion to $3.9 billion at the end of the 2022 Financial Year, with the carrier saying, “with the existential crisis posed by the pandemic now over, the Group is focused on responding to current operational challenges”.

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