Qantas says pandemic 'existential crisis' is over, Air New Zealand also reports 'strong recovery'

Despite posting annual losses for a third year in a row, the national carriers of Australia and New Zealand say that the worst of the coronavirus crisis is now behind them. Australian airline Qantas said that "the existential crisis posed by the pandemic is now over" and they are seeing a rise in demand, BBC reported. On the other hand, Air New Zealand also said that the airline has seen a "strong recovery in bookings and revenues" since March.

In a statement released on Thursday, Qantas said that the "underlying loss before tax had widened to A$1.86bn in the year to the end of June, from the previous year". It had also lowered its net debt to a better than expected A$3.94bn. The airline has also launched a $400 million share buyback amid recovery.

Qantas chief executive Alan Joyce said, "The recovery has been exceptional. Our teams have done an amazing job through the restart and our customers have been extremely patient as the whole industry has dealt with sick leave and labour shortages in the past few months."

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The Covid pandemic had led to many countries imposing strict travel restrictions for almost two years, leading to lossesfor airlines and the travel industry.

Talking about the losses during the pandemic, Joyce said the Covid cost them more money in the past three years than what they made in the five years before that.

(With inputs from agencies)