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Australia’s national airline Qantas reported a US$2,8 billion revenue hit for the second half of the 2020 financial year yesterday due to the crippling effects of Covid-19.
In a statement to shareholders, the company posted an US$89 million before tax profit for the 12 months ending June 30, 2020, down 91 percent on the year before.
During the first half of the financial year before the pandemic grounded global travel to a halt, Qantas recorded a US$553,8 million profit before tax.
“We were on track for another profit above one billion Australian dollars (US$718 million) when this crisis struck,” Qantas Group chief executive Alan Joyce said.
“The fact that we still delivered a full year underlying profit shows how quickly we adjusted when revenue collapsed. The impact of Covid-19 on all airlines is clear.
“It’s devastating and it will be a question of survival for many,” Joyce said. — Xinhua.
Online Reporter