Turbulent times for ailing Qantas after record loss
(CNN) -- Australia's ailing flag carrier was sent into a tailspin Thursday, as the airline reported its biggest ever loss.
In its latest report, Qantas revealed an after-tax net loss of $2.6 billion (A$2.8 billion) for the year to June 30, with the cumulative effect of high fuel costs, falling demand, and a massive writedown of its international fleet blamed.
"There is no doubt today's numbers are confronting, but they represent the year that is past," said Qantas CEO Alan Joyce, who added that he predicted a return to underlying profitability in 2015.
"We have now come through the worst. With our accelerated Qantas Transformation program we are already emerging as a leaner, more focused and more sustainable Qantas Group."
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