Qantas CEO Alan Joyce speaks in front of Qantas Airways flight QF7474 during an official farewell event for the Qantas 747 fleet at Sydney Airport in Sydney, New South Wales, Australia, 22 July 2020. EFE-EPA FILE/JOEL CARRETT AUSTRALIA AND NEW ZEALAND OUT

Qantas posts 1st annual profit since Covid-19 pandemic

Sydney, Australia, Aug 24 (EFE).- Australian carrier Qantas on Thursday reported its first full year net profit since 2019, before the Covid-19 pandemic broke out.

The company reported a profit of AUD 1.74 billion ($1.13 billion) during the 2022-23 fiscal year, between July 1, 2022 to 30 June, 2023.

“This is a remarkable turnaround, three years in the making. And it’s been hard,” Qantas Group CEO Alan Joyce said in a press release.

“It’s been extremely challenging – but I’m pleased to say that the future of the national carrier is on very solid ground,” he added.

The CEO said that the group’s financial stability was “clear.”

“Our financial position is the strongest it’s ever been…Our balance sheet is the strongest it’s been in decades,” he added.

These figures contrast with the net losses of AUD 3.74 billion that the carrier recorded in the previous three fiscal years following Covid 19-induced border closures and lockdowns in Australia and the rest of the world.

Joyce, who will be succeeded by Vanessa Hudson in November, also confirmed that the airline will acquire 24 aircraft -12 Boeing 787s and 12 Airbus A350s – which will begin to replace Qantas’ Airbus A330s from 2027. EFE