Qantas CEO Alan Joyce announcesa loss of $1.9 billion

Embattled Qantas chief executive Alan Joyce has revealed a loss of $1.9billion, and admitted the airline’s service has been bad this year because of staff shortages.

The flying kangaroo airline has now suffered $7billion worth of losses since the start of the pandemic in 2020 because of the Covid shutdowns.

In a stunning admission, Mr Joyce acknowledged Qantas had provided bad service as seven-day Covid isoloation periods caused staff shortages. 

‘All of this resulted in well-publicised problems: long queues, delayed flights and misplaced bags,’ he said on Thursday.

‘It simply wasn’t good enough, and for that we have apologised.’

Mr Joyce in April suggested passengers who were not ‘match fit’ at the airport scanners were to blame, but on Thursday, he told investors a staff shortage was the problem.

‘The rebound in travel demand also coincided with a massive labour shortage,’ he said.

‘Of course, that shortage has been more acute in aviation because of how many people left the industry during two very uncertain years.’

Mr Joyce noted Covid almost three years had cost Qantas more than the five years before that.

Qantas has posted a full-year underlying pre-tax loss of $1.86 billion after state border closures hit its earnings.

The airline’s bottom line net loss for the year to June 30 was $860million, compared to $1.7billion the year before.

‘These figures are staggering and getting through to the other side has obviously been tough,’ Mr Joyce said.

In a stunning admission, Mr Joyce acknowledged Qantas had provided bad service as seven-day Covid isoloation periods caused staff shortages (pictured are long queues at Sydney airport this year)

But revenue for the year jumped 53.5 per cent to $9.11billion following a revival in global air travel after Covid restrictions eased.

Qantas said flying levels for the year averaged 33 per cent of pre-pandemic levels after the pandemic significantly disrupted air travel, but finished the financial year at 68 per cent of pre-pandemic levels.

The carrier will not pay a dividend for the year but did announce an on-market share buy-back of up to $400million.

Qantas has posted a full-year underlying pre-tax loss of $1.86 billion after state border closures hit its earnings (pictured are flight attendants in Sydney)