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Struggling Australian flag carrier Qantas on Thursday posted a huge annual net loss of Aus$2.84 billion (US$2.65 billion), but chief executive Alan Joyce insisted better days lie ahead. Qantas' underlying loss before tax in the 12 months to June 30 -- its preferred measure of financial performance which excludes one-off costs and writedowns -- was Aus$646 million. Qantas in February announced it was axing 5,000 jobs, deferring aircraft deliveries and freezing growth at Asian offshoot Jetstar, and Joyce said the worst was now behind the airline. With our accelerated Qantas Transformation programme we are already emerging as a leaner, more focused and more sustainable Qantas Group.