FY22 half year overview
The Qantas Group has reported an Underlying Loss Before Tax of $1.3 billion for 1H22 as a result of widespread domestic lockdowns and international restrictions which continued to impact the business. The Group’s focus on restructuring its cost base and repairing its balance sheet has positioned it to better weather ongoing disruptions during the recovery period. A key part of this balance sheet repair has been the sale of surplus land in Mascot, New South Wales, which contributed $754 million in net proceeds in the half.
The three-year recovery plan is tracking ahead of schedule delivering $840 million cost benefits by 1H22, enabling the Group to create a stronger platform for future profitability and growth, and deliver long-term shareholder value.Visit our 1H22 trading updateOpens external site in a new window