QANTAS has recorded a $1.96bn loss, with COVID-19 hitting its full-year revenue by 21%.

Qantas said the result was reduced by a $1.4bn write-down in the value of assets, such as its Airbus A380 aircraft fleet, and $642 million in one-off costs associated with its pandemic restructuring program, such as staff redundancy payments.

SkyNews reports on the Qantas results. Credit: YouTube

Qantas chief executive Alan Joyce said just the first few months of the pandemic, to June 30, caused a $4bn slump in revenue and a $3 billion-plus turnaround in the airline’s fortunes.

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“We were on track for another profit above $1 billion when this crisis struck,” he told the media.

Mr Joyce said the continued halt to international travel alone guaranteed another big loss in the current financial year.

“International [flights] typically would generate $8 billion of revenue,” he said.

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