Qantas flags December as resumption date, FC reveals full COVID impact.
Qantas has announced that it is aiming to restart overseas flights from mid-December to COVID-safe destinations in line with vaccination rates, which are likely to include Singapore, the United States, Japan, the United Kingdom, Canada and Fiji.
Meanwhile the carrier has reported an underlying loss before tax of $1.83 billion for the 12 months to 30 June, while the airline’s total revenue losses from COVID-19 restrictions also reached $16 billion.
Qantas and Jetstar’s combined underlying EBITDA from domestic flying was noted as $304 million for the period, falling to an underlying EBIT loss of $669 million after non-cash depreciation and amortisation.
The Group’s domestic capacity fell as low as 19% in July 2020 before steadily recovering and then peaking at 92% in May 2021, until outbreaks of the Delta variant triggered a series of lockdowns.
In further news, Flight Centre Travel Group has announced a significant drop in TTV for the 12 months to 30 June, recording $3.95 billion for the period, a sizable drop on the $15.3 billion noted for the full year to 30 June 2020.
The ongoing impacts of travel restrictions also played havoc with the company’s revenue figure for the year, revealing a $1.5 billion drop from the same period last year.
As of 30 June, Flight Centre had total cash and investments of $1.36 billion, while cash burn during the second half of the financial year was between $30-40 million per month, mainly incurred in the Australian market.
More details to come in today’s issue of Travel Daily.