Australian airline Qantas has posted its first annual loss since it was privatised in 1995, amid high fuels costs and growing losses at its international operations.
The firm made a net loss of A$244m ($256m; £161m) for the year ending 30 June.
The compares with a net profit of A$250m in the previous year.
Qantas also cancelled orders for 35 Boeing Dreamliner jets worth $8.5bn due to “lower growth requirements”.
Alan Joyce, chief executive of Qantas, said growth was expected to be slow due to the uncertain global economic environment.
“Clearly we confront very difficult and uncertain trading conditions in Britain, Europe and the United States,” Mr Joyce said in a statement.
*Article by BBC*