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Key Points
- Qantas has revealed it is holding $375 million in credits for flights cancelled during the COVID-19 pandemic.
- Customers holding flight credits for either Qantas or subsidiary Jetstar can claim them at any time.
- The airline has posted its financial year results for 2024, and has recorded a 28 per cent fall in profits.
Qantas has revealed it holds $375 million of outstanding flight credits passengers can claim for cancelled flights across the airline and subsidiary Jetstar during the COVID-19 pandemic.
The figure was revealed in the airline’s 2023/2024 financial year results, with the company saying its COVID credit balance decreased by 40 per cent throughout the financial year.
Flight credits are given to customers when a flight is cancelled, with the amount spent on the tickets held by the airline and redeemable at a later date.
Flights across all airlines were cancelled amid closed borders and travel restrictions after the COVID-19 pandemic in 2020. In August last year, it was revealed Qantas and Jetstar had over $570 million in combined outstanding flight credits.
Those credits were due to expire on 31 December last year, but the expiry date .
Qantas customers holding COVID credits can request a cash refund at any time, with no expiry date, while Jetstar customers can use their COVID vouchers for flights indefinitely.
Qantas profits take a hit
Qantas’ profit fell 28.3 per cent to $1.25 billion in 2023/24 as airfares moderated amid increased competition — down from a high of $1.7 billion in the previous financial year.
The airline made $21.9 billion revenue in the 12 months to June 30, up 10.7 per cent from last year.
Once again, the airline will not pay any dividends but did announce a further share buy-back of up to $400 million.
Qantas customers holding COVID credits can request a cash refund at any time. Source: AAP / Bianca De Marchi
Its net debt rose to $4.1 billion as new aircraft were delivered and bonuses were paid to employees.
Qantas Group said the on-time performance of both Qantas and Jetstar improved over the year, as did customer net promoter scores.
“Our focus this year has been getting the balance right in delivering for customers, employees and shareholders while building a better, stronger Qantas Group,” said chief executive Vanessa Hudson.
“Restoring trust and pride in Qantas as the national carrier is our priority, and while there’s more work to do, we’ll get there by delivering for our customers and people consistently into the future.”