Australian national airline posts 3rd-year of pandemic losses
Aug 25, 2022
Sydney [Australia], August 25: Australia's national airline, Qantas, has posted its third consecutive year of losses bringing the total toll from the COVID-19 pandemic to nearly 7 billion Australian dollars (about 4.83 billion U.S. dollars).
Revealed in the airline's results for the financial year from July 1, 2021, to June 30, 2022, released on Thursday, the airline suffered a statutory loss of 860 million Australian dollars (about 594 million U.S. dollars), an improvement from the previous financial year's loss of 1.7 billion Australian dollars (about 1.17 billion U.S. dollars).
"The past year has been challenging for everyone. We had to ramp down almost all flying once Delta hit and stay that way for several months before ramping back up through multiple Omicron waves as we all learned to live with COVID-19 in the community," said Qantas CEO Alan Joyce alongside the results announcement.
Despite the continuing fall into the red, the airlines group maintained confidence in the recovery, indicated by a stock buyback of 400 million Australian dollars (about 277 million U.S. dollars), the first return of capital to shareholders since the beginning of the pandemic.
"We're even more confident in the future than we were six months ago, so today we're announcing more investment in our people and our customers," said Joyce. The investments included upgrades to worker benefits, new flying routes and customer lounges.
Qantas has faced public backlash in the last several months as staffing shortages have led to large delays, and mishandled baggage amid operational challenges.
Joyce said the airline is expected to lift its on-time performance from 52 percent in July to its "usual high standard" of around 80 percent by October this year.
The airline also announced the opening of a number of new flight routes on Thursday, including two flights per week from Sydney to New York via New Zealand starting in June of 2023.
"We're back flying to most of our pre-COVID-19 destinations, which is a fantastic achievement by our teams and so important for Australians reconnecting with the rest of the world," said Joyce.
Source: Xinhua
