Qantas crisis: 1000 jobs to go
Qantas plans to cut 1000 jobs within 12 months as it battles to get its faltering business back on track.
Chief executive Alan Joyce has also announced he will take a pay cut along with other Qantas board members. There will be a pay freeze for executives and a review of spending with 100 top suppliers.
Qantas is looking to make cost reductions of $2 billion over three years.
"We will do whatever we need to do to secure the Qantas Group’s future," Joyce said.
The Qantas group expects to report an underlying loss before tax in the range of $250 million to $300 million for the six months ending 31 December 2013.
Joyce said trading conditions saw a marked deterioration in November in particular, with both passenger loads and yields below the already negative trends for the year to date.
Given the deterioration in earnings, the Group no longer expects to generate positive net free cash flow in the current financial year.
"We will focus relentlessly on cutting costs and improving productivity, while maintaining our competitive advantages as a business," Joyce said
Joyce said the Australian international market was the toughest anywhere in the world.
"Our competitors in the international market, almost all owned or generously supported by their governments, have increased capacity to pursue Australian dollar profits, changing the shape of the market permanently."
Ian Jarrett
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