Ain’t accounting grand? The headlines shout that Qantas had a “larger than expected” loss before tax of $1.9 billion last year, “as total COVID losses neared $7 billion” – yet it has announced a $400 million share buyback, has $3.3 billion in cash sitting in the bank and is enjoying its lowest debt level since the GFC.
You might wonder how a company can lose $7 billion yet reduce debt and launch a big share buyback. And it’s on the acquisition trail as well, having purchased control of online travel company TripADeal while also seeking ACCC approval to buy one of its competitors, Alliance Airlines, for $614 million.
