Qantas (ASX: QAN) posts losses; announces on-market share buyback of ~AU$400 million

On 25 August 2022, Qantas (ASX: QAN) today announced its results for the 12 months ended 30 June (FY22). The company has indicated that in FY21-22, first the COVID-19 pandemic and later, the Omicron variant continued to impact its business due to travel restrictions. The airline carrier has posted a third Statutory Loss Before Tax of over AU$1 billion in a row.

Few details of the company's FY22 results are as follows:

• Underlying Loss Before Tax: AU$(1.86) billion. 
• Statutory Loss Before Tax: AU$(1.19) billion. 
• Underlying EBITDA: AU$281 million after an AU$526 million EBITDA performance in 2H. 
• Positive statutory operating cash flow: AU$2.67 billion. 
• Net debt fell to AU$3.94 billion.

The company stated that the reopening of borders witnessed a drastic increase in forward travel demand resulting in a significant improvement to the balance sheet and a considerable fall in the company's debts. 

Qantas has approved an on-market share buyback of approximately AU$400 million as the benefits of the recovery materialise. This is the first return to shareholders since 2019. 

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