(MENAFN) Qantas, Australia's national flag carrier, announced recording a shocking loss of USD2.6 billion, which is three folds worse than expected, Xinhua reported.
The registered loss marks a significant downturn in the company's performance compared to a year earlier, in which the cargo posted a net profit of USD 932.75 thousand.
Analysts had previously forecasted the airline would record a pre-tax loss of about USD750 million, but had not expected the carrier would take such a shocking downturn.
"There is no doubt today's numbers are confronting, but they represent the year that was past. We have now come through the worst," Qantas chief executive said.
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