Australia's national airline Qantas reported its worst financial result in a century, 2.8 billion U.S. dollars in losses in the second half of the 2020 financial year on Thursday due to the crippling effects of COVID-19. 

In a statement to shareholders, the company posted an 89 million U.S. dollar before tax profit for the 12 months ending June 30, 2020, down 91 percent on the year before. 

During the first half of the financial year before the pandemic grounded global travel to a halt, Qantas recorded 553.8 million U.S. dollars in profit before tax. 

"We were on track for another profit above one billion Australian dollars (718 million U.S. dollars) when this crisis struck," Qantas Group CEO Alan Joyce said. 

"The fact that we still delivered a full year underlying profit shows how quickly we adjusted when revenue collapsed." 

The company attributed the "minimized" financial impact to swiftly implemented cost cutting measures, and placing much of the flying business into a form of hibernation, reporting that from April 2020 to the end of June, company revenue fell 82 percent while cash costs were reduced by 75 percent. 

"The impact of COVID on all airlines is clear. It's devastating and it will be a question of survival for many," Joyce said. 

"What makes Qantas different is that we entered this crisis with a strong balance sheet and we moved fast to put ourselves in a good position to wait for the recovery."