Australian aviation industry hits turbulent patch
August 29 , 2014
Australian carrier Qantas has reported a record loss (after-tax net) of $2.6 billion for the year ending June 30.
It’s been a very difficult phase for the airlines, which announced the culling of 5000 jobs over three years in February.
Chief executive Alan Joyce admitted that the latest loss figures were “confronting” but indicated that the worst was over and Qantas would re-emerge as a “leaner, more focused and more sustainable” group.
Meanwhile, rival Virgin Australia declared after-tax losses of $332.6m for the same period.