GEOFFREY THOMAS TALKS QANTAS ON SKYNEWS

Airlineratings.com Editor-in-Chief Geoffrey Thomas has appeared on SkyNews Newsday to discuss the Qantas result.

Mr Thomas said that while the $1.90 billion loss was significant it was broadly in line with forecasts and there were good signs that the worst was behind the airline.

Watch video here

Qantas remains upbeat despite posting an underlying loss of A$1.80 billion and a statutory loss before tax of A$1.19 billion.

This is the Qantas Group’s third consecutive Statutory Loss Before Tax of more than $1 billion, reflecting the Delta and Omicron impacts as well as upfront costs from restarting the airline as lockdowns finally ended.

For the full 2022 financial year, the Group experienced an Underlying Loss Before Tax of $(1.86) billion and a Statutory Loss Before Tax of $(1.19) billion. The difference between these two measures largely reflects the $686 million net gain on sale of surplus land, which helped reduce COVID-related debt.

The airline said that while the first three quarters of the year were defined by border closures and waves of uncertainty caused by COVID variants, the fourth quarter saw the highest sustained levels of travel demand since the start of the pandemic. Overall, the Group’s flying levels for the year averaged at 33 per cent of pre-pandemic levels but finished at 68 per cent.

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