Qantas (ASX:QAN) posts $1.08 billion half year loss

Qantas (ASX:QAN) reports a net loss of $1.08 billion for the first half of the 2021 financial year, down 342.9 per cent due to Covid-19 pandemic.

During the period, domestic airlines flew approximately 30 per cent of their pre-covid network but remained profitable contributing $71 million at the underlying EBITDA level.

Their international operations were largely grounded contributing to the underlying EBITDA loss of $86 million.

CEO Alan Joyce said that "these figures are stark, but they won’t come as a surprise…. Three-quarters of our revenue – around $7 billion – went with it.”

The company will not be paying an interim dividend.

Shares in Qantas (ASX:QAN) are trading 4.8 per cent higher at $5.25.

Copyright 2021 – Finance News Network

Source: Finance News Network