Qantas Faces Biggest Loss of A$2.8bn

Untitled-5Qantas which is the flag carrier airline of Australia has reported an after-tax net loss of A$2.8bn ($2.6bn; £1.57bn) for the year ending in June. It is the biggest ever financial loss of it.

As per the struggling airline, it is due to an A$2.6bn write-down on its international fleet.

It is expected a net loss of around A$750m by analysts.

Weak domestic demand, poor consumer spending and rising fuel costs also contributed to the huge loss said the Qantas.

The carrier’s chief executive officer, Alan Joyce said that, “There is no doubt today’s numbers are confronting, but they represent the year that is past”.

The CEO added that the airline would return to underlying profit in 2015.

The officer also confirmed that, “Our cash balance and liquidity position is strong, and the group’s overall financial performance is rapidly improving.”

Medaram Jathara

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