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Qantas’ profit nosedives 91 per cent as COVID-19 delivers $4 billion blow

Published: (Updated: ) in Australian News by .

Qantas has estimated the economic blow delivered to the business by coronavirus is in excess of $4 billion.

Qantas' profit has plunged more than 90 per cent as the airlines bottom line is delivered a knockout punch by COVID-19.

Revealing its financial results to shareholders this morning, the airline said its underlying profit before tax was just $124 million, down 91 per cent on the previous financial year.

Its statutory loss before tax has ballooned out to $2.7 billion.

Qantas has estimated the economic blow delivered to the business by coronavirus is in excess of $4 billion.

Qantas aircraft on tarmac and Jetstar plane flying in the background

More to come.

You can get up-to-date information from the Federal Government's Coronavirus Australia app, available on the App Store, Google Play and the Government's WhatsApp channel.

Beyond Blue's Coronavirus Mental Wellbeing Support Service is a 24/7 service free of charge to all Australians. Visit the site here or call 1800512348

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Source: 9News https://www.9news.com.au/national/coronavirus-qantas-profit-down-91-per-cent-as-covid19-pummels-airline/4222289a-fd44-44aa-a813-1bb74bfb8113

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