SYDNEY — Australia's national airline, Qantas Airways Limited, has posted a devastating loss of 2.8 billion Australian dollars ($2.6 billion), reflecting a profit-draining battle with its smaller rival Virgin Australia and aircraft write downs.
The loss for the financial year ended June 30 is the largest the former state-owned airline has posted in its 94-year history. It made an AU$1 million profit in the previous year.
The dire result was expected. Shares of Qantas were up seven percent in Sydney on the airline's confirmation it would separate its domestic and troubled international businesses. It will establish a company for the international business that will be able to attract new investors after an Australian law change eased limits on foreign investment in Qantas Read more...
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Qantas Airways Announces Worst Loss in History of $2.8 Billion
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