Money
The shocking true cost of Covid-19 on the travel industry
Airlines and travel companies have revealed shocking revenue losses caused by Covid-19 travel restrictions
Across the board, airlines and other travel companies have recorded devastating losses as a result of Covid-19 travel restrictions.
The Qantas Group reports substantial losses of $1.83 billion before tax
The Qantas group has just released it full year results for this year, and the results are devastating.
The major airline has reported a massive loss of $1.83 billion before tax, or $2.35 billion after. The airline has already lost $12 billion as a result of the Covid-19 crisis.
Qantas CEO Alan Joyce said this morning, “total revenue lost since the start of the pandemic rose to around $16 billion – and it’s likely to exceed $20 billion by the end of this year.”
Air New Zealand records second annual loss
Air NZ has also posted a loss of $307 million. The airline’s operating revenue was down 48% last year.
This comes as the airline’s second annual loss in a row, also suspending earnings guidance.
This comes as the country grapples with an outbreak of the deadly Covid-19 Delta strain and harsh lockdown restrictions.
Emirates reports massive loss of $6 billion, with revenue falling 62%
Despite accepting $3.1 billion in government assistance funds, Emirates has emerged from the pandemic hardly unscathed.
The airline also had to let almost a third of its staff go at the beginning of the pandemic.
Emirates aircraft took 88% fewer passengers in the last two years, only managing to fill an average of 44% of seats. Before Covid, this figure was around 79%.
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