International flights won’t resume until mid-2021, expects Qantas Airways

Qantas Airways said Thursday the pandemic cost it 4 billion Australian dollars ($2.9 billion) in revenue in the last fiscal year and warned that international travel won’t resume before mid-2021.

The Australian airline reported an underlying profit before tax of AU$124 million ($89 million) for the fiscal year that ended on June, a 90.6% decline from the AU$1.33 billion profit posted a year before.

The carrier’s statutory net loss for the latest year was AU$1.96 billion ($141 billion).

Qantas chief executive Alan Joyce said international routes would not reopen until the middle of next year and U.S. services might depend on a COVID-19 vaccine becoming widely available.