Qantas has announced an underlying before-tax loss of $1.86 billion in the year to June 30.
The airline reported a cumulative loss of $7 billion in before-tax profit, with revenues down an estimated $25 billion due to COVID-19 travel disruptions.
?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 in the community. We always knew travel demand would recover strongly but the speed and scale of that recovery has been exceptional?, said CEO Alan Joyce.
Qantas will not pay a dividend but did launch a share buyback worth up to $400 million earlier this month as a way to return some cash to shareholders.
Shares in Qantas rose 8.81% following the release of the results.