Sydney • Qantas Airways Ltd. on Thursday posted a record $2.6 billion loss, reflecting a profit-draining battle with its smaller rival Virgin Australia and aircraft write downs.
The loss for the financial year ended June 30 is the largest the former state-owned airline has posted in its 94-year history. It made an $930 million profit in the previous year.
The dire result was expected. Shares of Qantas were up 7 percent in Sydney on the airline's confirmation it would separate its domestic and troubled international businesses. It will establish a company for the international business that will be able to attract new investors after an Australian law change eased limits on foreign investment in Qantas