Qantas Airways delayed plans to restart most international flights by four months until late October, in line with the country's vaccination programme completion, after swinging to a first-half loss due to Covid-19 travel restrictions.
The carrier posted an underlying loss before tax of A$1.03 billion ($820.4 millon) in the six months ended December 31, compared to a profit of A$771m a year earlier, it said in a statement on Thursday. Half-year revenue dropped 75 per cent year-on-year to A$2.33bn.
"These figures are stark, but they won’t come as a surprise," Alan Joyce, Qantas group chief executive, said. "Border closures meant we lost virtually 100 per cent of our international flying and 70 per cent of our domestic flying."
The Covid-19 pandemic has ripped through the aviation industry in an unprecedented manner. The outlook for global airlines is deteriorating as governments impose tighter lockdowns to curb an increase in infection rates and new virus variants, the industry's main lobby group said.
Qantas said it has a high level of liquidity because of cost-cutting measures and raising debt and equity, giving it "breathing room" to deal with uncertainty and funding for restructuring.
Its total liquidity stood at A$4.2bn as of December 31, which included total cash of A$2.6bn and committed undrawn facilities of A$1.6bn. Net debt stood at A$6.05bn
Qantas said it is planning to restart regular international passenger flights to most destinations from October 31– a four month delay from the previous estimate of July.
"The date change aligns with the expected timeframe for Australia’s Covid-19 vaccine rollout to be effectively complete," the airline said.
Qantas is planning to resume flights to 22 of its 25 pre-pandemic international destinations including Los Angeles, London, Singapore and Johannesburg from October 31.
The airline is still planning for a "material increase" in flights in the Australia-New Zealand travel corridor from July 1, Mr Joyce said.
A full recovery in international capacity is not expected until 2024, according to the airline.
As part of its three-year plan to deal with the Covid crisis, the airline will axe 8,500 jobs, with another 7,500 to be stood down until international travel recovers, Mr Joyce said.
The airline's three-year recovery plan will deliver at least A$1bn in permanent annual savings from the 2023 fiscal year onwards, Qantas said. An interim target of $600m in permanent savings for fiscal year 2021 remains "on track".
Looking ahead, the carrier expects the group's domestic capacity to increase to 60 per cent of pre-Covid levels in the third quarter and 80 per cent in the fourth quarter.
Group international capacity is currently at approximately 8 per cent of pre-crisis levels and unlikely to materially increase during in the second half, it said.
Net debt is expected to peak in the second half and the repair of its balance sheet to begin in the fourth quarter, it said.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
ABU%20DHABI%20CARD
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ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
UAE currency: the story behind the money in your pockets
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
Fixture and table
UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City
- 3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
- 6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
UAE Premiership – final standings
- Dubai Exiles
- Abu Dhabi Harlequins
- Jebel Ali Dragons
- Dubai Hurricanes
- Dubai Sports City Eagles
- Abu Dhabi Saracens
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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