Alan Joyce AC
CEO Qantas AirwaysView FY20 CEO’s report (PDF)
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The Qantas Group reported an underlying profit before tax for FY20 of $124 million.
The Qantas Group has taken a range of measures to mitigate the financial impact resulting from the COVID-19 crisis and associated travel restrictions.
The three-year recovery plan, announced in June, will enable the Group to create a stronger platform for future profitability, deliver long-term shareholder value and preserve as many jobs as possible.
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In what has been the most challenging period in its 100-year history, the Qantas Group reported an Underlying Profit Before Tax of $124 million for FY20. This reflects a strong first half of the year ($771 million Underlying Profit) followed by a near total collapse in travel demand and a $4 billion drop in revenue in the second half as a result of COVID-19. On a statutory level, the Group reported a $2.7 billion Loss Before Tax – mostly due to asset impairments and one-off costs to restructure and right-size the business. The three-year recovery plan, announced in June 2020, will enable the Group to create a stronger platform for future profitability, deliver long-term shareholder value and preserve as many jobs as possible.View our FY20 full year overviewOpens external site in a new window
The Qantas Group reported a Statutory Loss Before Tax of $1.5 billion as it continued to navigate the impacts of the COVID-19 pandemic and position the company for recovery and Balance Sheet repair. For the first half of FY21, the Group limited a $7 billion reduction in revenue to an Underlying Loss Before Tax of $1.0 billion as it focused on restructuring and the restart of the domestic operation.
Despite the setbacks of the first half, the Group’s liquidity, position in the domestic market and progress towards restructuring gives confidence that the overall recovery plan remains on track. This is bolstered by the latest data on vaccine effectiveness and the increased pace of rollout globally.