Qantas Announces Full Year Financial Results

Staff shortages, rising flight cancellations, and baggage mishandling have been challenges for Qantas in the last six months as flights return to pre-pandemic levels.

In announcing the airline’s full-year results, Qantas CEO Alan Joyce described 2022 as a “very challenging” year.

Qantas Group has a statutory loss before tax of less than $1.2 billion and an underlying loss before tax of around $1.9 billion, according to Mr. Joyce.

Consequently, “our overall losses since the beginning of the pandemic have exceeded $7 billion, and lost income has exceeded $25 billion,” he said.

“To put it in perspective, Covid has cost us more money in the past three years than it has made us in the prior five years.”

“These figures are mind-boggling, and it’s evident that communication with the other side has been difficult.”

“The past twelve months were trying for everyone. It’s fantastic that we’ve managed to keep on track despite everything “.

Mr. Joyce argues that situations are “improving far faster than we projected” due to people’s excitement to resume their travels.

“Almost all of Australia’s borders were closed more than a year ago. The bulk of us were confined to our homes”. “Going overseas felt like a faraway prospect,” Mr. Joyce said.

“We’re approaching the point where we can’t bring enough aircraft out of storage to fulfil demand.”

“The numbers we release today highlight the total financial impact of the Delta and Omicron lockdowns on the Group. Nonetheless, they illustrate how quickly and effectively the recovery is presently underway.”

“Revenue intakes for leisure travel are around 125% of pre-Covid levels.”

“It’s 90% for business travel, even though many people are still working from home with the current Covid and flu surge.”

Mr. Joyce was questioned about the company’s reputation and if it had been harmed.

“Unlike the last time, I feel this time will be different. The brand’s reputation has suffered as a result. What we measure, MPS has decreased, which is understandable given our bad performance, “He told reporters yesterday.

“However, this time is different since every other airline face the same problems. Even though all airlines today give mediocre service, I am certain that we will soon be able to restore our reputation for excellence as a result of our ongoing investments in new aircraft, lounges, and routes.”

Qantas shares rose as the business announced a $400 million share buyback in addition to the disclosed loss.