Qantas (ASX:QAN) warns $1.1b first-half loss

Qantas (ASX:QAN) has been able to accelerate the repair of its balance sheet and expects to finish the first half of FY22 with a materially better net debt position than it had prior to the start of Delta variant lockdowns in June.

This improvement was made possible by the $802 million sale of land in and strong sales after the easing of international and domestic border restrictions were announced.

The flying kangaroo expects net debt to be approximately $5.65 billion by the end of December 2021.

Qantas also expects earnings before interest, taxes, depreciation, and amortization loss of between $250 million to $300 million expected in 1H22. However, once non-cash depreciation and amortisation costs are added into the mix, Qantas expects to record an underlying earnings before interest and tax loss to exceed $1.1 billion.

Shares in Qantas (ASX:QAN) is trading 1.8 per cent lower at $4.78.