Qantas has recorded an underlying loss of almost $2 billion, marking the third yr in a row the airline has misplaced substantial quantities of cash.
The airline posted an underlying lack of $1.86 billion and a statutory lack of $1.19 billion in an replace to the market this morning.
The airline cited the influence of Delta and Omicron in addition to the prices of restarting flights after the lockdowns lastly ended.
CEO Alan Joyce stated the previous three years have resulted in whole income losses of $25 billion.
"These figures are staggering and getting by to the opposite aspect has clearly been powerful," he stated.
"We needed to ramp down nearly all flying as soon as Delta hit and keep that means for a number of months earlier than ramping again up by a number of Omicron waves as all of us discovered to reside with COVID in the neighborhood."
Joyce additionally cited sick go away and labour shortages posing a significant issue as journey demand picked again up.
He stated there was an enormous enchancment in baggage dealing with and cancellations in August, and stated he anticipated a return to pre-COVID requirements subsequent month.
Home flying was at 63 per cent of pre-COVID ranges for the previous monetary yr, and at 103 per cent by June 30.
Gasoline prices have been additionally a significant factor on the Qantas stability sheets, up 60 per cent on 2019 costs.
The airline flagged it could be spending $50 million this yr on pay rises for employees.
As we speak Qantas opened a brand new cabin crew coaching centre within the Sydney suburb of Mascot, and a flight coaching centre will open by the tip of 2023.
"We're much more assured sooner or later than we have been six months in the past," Joyce stated.
"There's loads of work occurring to carry us again to our greatest, together with hiring extra individuals, rolling out new expertise and lowering home flying so we now have extra sick go away cowl."
The board has permitted an on-market share buyback of as much as $400 million, the primary return to shareholders since 2019.
A century of Qantas: From outback airline to world large