Qantas shares moves up following the release of market update.

Qantas Airways Limited (ASX: QAN) has released market update for June 2022. The Company highlighted that continued strong travel demand across domestic and international has helped in the reduction of net debt to well below pre-covid-levels.

After peaking at more than $6.4 billion at the height of the pandemic, QAN believe that net debt would reduce to around AU$4.0 billion by 30 June 2022. This is an improvement of ~ AU$1.5 billion in the past six months.

The Group updated its net debt target range which is expected to be in between AU$4.2 billion and AU$5.2 billion.

Although Group still expects its significant full year Underlying EBIT loss for FY2022. At present, the Group is on track to return to Underlying profit in FY2023.

At AEST 10:49 AM, QAN shares are trading at AU$4.540, up 0.442% from the previous close. 

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