COVID-19 Sends Sydney Airport Into the Red

The Qantas check in area is seen empty at Sydney International Airport on March 19, 2020 in Sydney, Australia. Qantas has announced it will ground its entire international fleet, including overseas Jetstar . Mark Metcalfe/Getty Images

Sydney Airport will cut costs and debt and warned jobs could be lost after the COVID-19 pandemic hit its bottom line, forcing it into the red.

Australia’s most active airport on Aug. 11 reported a net loss of $53.6 million for the first half of this calendar year—a dramatic turnaround from a profit of $17.3 million for the same time last year.