"This writedown is a non-cash charge, recognised in the statutory result, with no cash impact on the group's or Qantas International's operations. It is a writedown to the carrying value of aircraft that Qantas has no intention to sell and intends to retain in its fleet." The Qantas Group's scheduled passenger fleet average is now 7.7 years. The benefits of fleet investment, according to the company, include improved customer satisfaction, environmental outcomes, operational efficiencies, and cost reductions. While the airline reported a multibillion-dollar statutory loss, its revenue for the year, at AU$15.35 billion, was only slightly lower than the previous year's result of AU$15.9 billion. One of the company's best-performing segments for the year was its Qantas Loyalty business, which recorded underlying earnings before interest and tax (EBIT) of AU$286 million, up 10 percent on the prior year.