Qantas Revenue Plunges 20.6 Per Cent in Toughest-Ever Six Months

Qantas cut its workforce by 20 per cent when planes were grounded due to the virus, and more "hard decisions" over staffing will be made, Joyce said.

By dpa, Berlin

Source dpa, Berlin

Aug. 20, 2020

2 min read

Aug. 20--SYDNEY -- Australian airline Qantas reported that the coronavirus pandemic had slashed its 12-month revenue by 20.6 per cent, equating to 4 billion Australian dollars (2.9 billion US dollars) it announced Thursday.

The airline still reported an underlying profit before tax of 124 million Australian dollars for the financial year, however it marked a 90.6 per cent drop compared to 1.33 billion Australian dollars the year before.

Qantas Group CEO Alan Joyce said the second half of the year was the toughest set of conditions the national carrier had faced in its 100-year history.

The virus crippled travel demand and activity around the globe, hitting qantas hard from Feburary onwards.

The airline's statutory net loss was 1.96 billion Australian dollars, and on a pre-tax basis the loss was 2.7 billion Australian dollars.

Joyce said the airline was doing well before the pandemic hit. Between July and December 2019 it made a pre-tax profit of 771 million Australian dollars.

Qantas cut its workforce by 20 per cent when planes were grounded due to the virus, and more "hard decisions" over staffing will be made, Joyce said.

Qantas benefited from numerous government assistance packages during the pandemic, including 267 million dollars connected to the JobKeeker wage subsidy, The Australian Financial Review reported.

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