Markets News

Australia's Qantas posts $1.4 bln loss due to pandemic-linked accounting charges

SYDNEY, Aug 20 (Reuters) - Qantas Airways Ltd on Thursday posted a full-year net loss of A$1.964 billion ($1.41 billion), one of its largest ever, driven by impairment charges and restructuring costs designed to help it weather the pandemic.

The Australian carrier’s A$124 million underlying pre-tax profit in the 12 months ended June 30, its most-watched financial figure, was well above the A$6.5 million average profit expected by 11 analysts polled by Refinitiv. That was due mostly to a strong first half before the pandemic hit.

Qantas in June had warned it expected to take around A$2.8 billion of one-off charges with its results, which included a writedown of A$1.4 billion on its Airbus SE A380 fleet but said it expected a small pre-tax underlying profit. ($1 = 1.3916 Australian dollars) (Reporting by Jamie Freed Editing by Chris Reese)