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The shocking true cost of Covid-19 on the travel industry

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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%.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Why the meme-stock frenzy is unlikely to repeat

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GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

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Why are airlines after the Biden Administration?

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Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

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The mounting pressure on Government spends

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Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending

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