Key Factors
- Qantas has revealed it’s holding $375 million in credit for flights cancelled in the course of the COVID-19 pandemic.
- Prospects holding flight credit for both Qantas or subsidiary Jetstar can declare them at any time.
- The airline has posted its monetary yr outcomes for 2024, and has recorded a 28 per cent fall in earnings.
Qantas has revealed it holds $375 million of excellent flight credit passengers can declare for cancelled flights throughout the airline and subsidiary Jetstar in the course of the COVID-19 pandemic.
The determine was revealed within the airline’s 2023/2024 monetary yr outcomes, with the corporate saying its COVID credit score stability decreased by 40 per cent all through the monetary yr.
Flight credit are given to prospects when a flight is cancelled, with the quantity spent on the tickets held by the airline and redeemable at a later date.
Flights throughout all airways had been cancelled amid closed borders and journey restrictions after the COVID-19 pandemic in 2020. In August final yr, it was revealed Qantas and Jetstar had over $570 million in mixed excellent flight credit.
These credit had been attributable to expire on 31 December final yr, however the expiry date .
Qantas prospects holding COVID credit can request a money refund at any time, with no expiry date, whereas Jetstar prospects can use their COVID vouchers for flights indefinitely.
Qantas earnings take successful
Qantas’ revenue fell 28.3 per cent to $1.25 billion in 2023/24 as airfares moderated amid elevated competitors — down from a excessive of $1.7 billion within the earlier monetary yr.
The airline made $21.9 billion income within the 12 months to June 30, up 10.7 per cent from final yr.
As soon as once more, the airline is not going to pay any dividends however did announce an extra share buy-back of as much as $400 million.
Qantas prospects holding COVID credit can request a money refund at any time. Supply: AAP / Bianca De Marchi
Its web debt rose to $4.1 billion as new plane had been delivered and bonuses had been paid to workers.
Qantas Group mentioned the on-time efficiency of each Qantas and Jetstar improved over the yr, as did buyer web promoter scores.
“Our focus this yr has been getting the stability proper in delivering for purchasers, workers and shareholders whereas constructing a greater, stronger Qantas Group,” mentioned chief govt Vanessa Hudson.
“Restoring belief and pleasure in Qantas because the nationwide service is our precedence, and whereas there’s extra work to do, we’ll get there by delivering for our prospects and other people persistently into the long run.”
