Qantas provides market update; cuts domestic capacity

Although the Qantas Group still forecasts a significant full year underlying EBIT loss for FY22 that includes the worst of the Delta and Omicron impacts as well as restart costs, the airline stated that the business remains on track for 2H22 Underlying EBITDA of between $450 million to $550 million. The Group is also on track to return to Underlying profit in FY23, confirmed Qantas in a market update. With travel demand remaining strong across all categories, this has driven further improvement in net debt levels to around $4.0 billion by end FY22. This is an improvement of around $1.5