Australia's Qantas posts fresh losses after 'diabolical' year

Australian airline Qantas on Thursday (Aug 26) posted more than US$1 billion in annual losses, after what it described as a "diabolical" year caused by pandemic travel restrictions.

The national flag carrier reported A$1.83 billion (US$1.33 billion) in underlying pre-tax losses for the 12 months to June 30, rising to A$2.35 billion (US$1.7 billion) when including one-off costs such as redundancy payouts and mothballing aircraft.

It comes on top of almost US$2 billion in statutory pre-tax losses reported in the previous financial year, when airlines globally were hit with the initial impacts of the coronavirus pandemic.

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Qantas CEO Alan Joyce predicted the airline's revenues will have plunged more than A$20 billion (US$14.5 billion) by the end of 2021 as a result of COVID-19.

"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," he said in a statement.

"The trading conditions have frankly been diabolical."

The airline said periods of open borders within Australia in early 2021 had briefly boosted revenue, but a return to internal restrictions after a prolonged Delta variant outbreak in Sydney has forced the widespread cancellation of flights.