Why Qantas' prognosis may not be terminal

The losses announced by Qantas are the worst in its corporate history, but they could also mark a turning point in the company's fortunes as it stabilises its balance sheet and undergoes its structural transformation.

Alan Joyce hasn’t wasted a good crisis. The gut-wrenching scale of the losses Qantas announced today reflects the worst year in Qantas’ history and one of the biggest clearing of the decks in corporate history.

The headline loss of $2.8 billion, however, could also mark a fundamental turning point in Qantas’ fortunes. It was clear from the surprisingly upbeat tone of Joyce’s commentary that he believes the group has passed its nadir.

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