Qantas (ASX:QAN) share price in focus after market update

All eyes will be on the Qantas Airways Limited (ASX: QAN) share price this morning after the release of a market update.

What did Qantas announce?

This morning the airline operator provided investors with an update on its expectations for the first half and the full year.

Management advised that it expects to move into recovery mode in the second half of FY 2021 and will start repairing its balance sheet. This is thanks to domestic borders re-opening, cost reduction programs making progress, and the continued strong performance of its Loyalty and Freight divisions.

And while Qantas will report a significant statutory loss in FY 2021, it is expecting to be close to breakeven for underlying EBITDA in the first half and then net free…