Qantas reported an after-tax loss of A$244 million (US$248 million) for a "challenging" fiscal year ending June 30.

It marked the Australian airline group's first annual loss since going public in 1995. Qantas cited "record high fuel costs," an A$194 million (US$197 million) hit from a work stoppage and "one-off costs" of A$398 million (US$404 million) related to the execution of its international turnaround plan. "All parts of the group were profitable with the exception of Qantas' international network," according to the company. To curb costs, the airline group announced that it had cancelled orders for 35 Boeing 787-9 aircraft.