Australia's travel giant Flight Centre has posted a A$662 million statutory loss after tax — down from last year's A$264 million profit — due to the hit from the coronavirus. Flight Centre shares swung between modest losses and gains before ending 0.2 per cent lower at A$12.58. Flight Centre said it had cut about $1.9 billion in annual costs, leaving its expenses at just 30 per cent of pre-COVID levels. Turner said, despite nearly 40 years in operation, nobody at Flight Centre could have imagined the current circumstances where virtually all international travel had ceased. Flight Centre has closed around half of its physical stores globally and sought rent reductions for others.

Source: The Standard August 27, 2020 07:18 UTC