IN THE three years to the end of June 2022, covering the depths of the Covid pandemic, Australian flag-carrier Qantas reported total net statutory losses of A$4.5bn (US$3bn), somewhat more than the sum of profits reported in the previous five (profitable) years. And then, this month, it was able to report underlying pretax profits for the six months ended December 2022 of A$1.4bn - its highest ever level of first half profits.
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