Qantas posts $1.9bn loss but revenue jumps 54% as air travel surges after borders reopen

Qantas has posted a full-year underlying pre-tax loss of $1.86bn after border closures and travel uncertainty due to the coronavirus pandemic weighed on earnings.

The airline’s bottom line net loss for the year to 30 June was $860m, compared with $1.7bn the year before.

“These figures are staggering and getting through to the other side has obviously been tough,” the chief executive, Alan Joyce, said on Thursday.

Qantas CEO Alan Joyce during the full-year results announcement in Sydney on Thursday. Photograph: Dean Lewins/AAP

But revenue for the year jumped 53.5% to $9.11bn following a revival in global air travel after Covid-19 restrictions eased.

Qantas said flying levels for the year averaged 33% of pre-pandemic levels after the pandemic significantly disrupted air travel, but finished the financial year at 68% of pre-pandemic levels.

The carrier will not pay a dividend for the year but did announce an on-market share buyback of up to $400m.

More to come