By Jonathan Davies
The Australian airline, Qantas, has reported a record annual loss for the the year to June.
Australia's national airline reported losses of A$2.8bn ($2.6bn; £1.6bn) after a A$2.6bn write down on its international fleet.
The results are far worse than analysts expected - around A$750m.
In addition to the write down on its international fleet, Qantas said weak domestic demand, weak consumer spending and rising fuel costs contributed to the huge losses.
Despite the poor results, Qantas remains upbeat about the future of the airline. CEO Alan Joyce said: "There is no doubt today's numbers are confronting...but they represent the year that is past".
"Our cash balance and liquidity position is strong and the group's overall financial performance is rapidly improving."
Mr Joyce said Qantas would return to underlying profit in 2015.
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