Qantas: We must change or die
Qantas boss Alan Joyce says the airline must change with the times or risk going the way of Ansett which collapsed 10 years ago.
Joyce expects a loss of $200 million on international operations this year and a loss next year too.
Despite this, the Qantas boss expects before tax profit for the year to come in at around $550 million despite floods in Queensland, Chile's volcanic ash cloud and earthquakes in Japan and New Zealand, which together have put a $206 million hole in the bottom line.
The forecast of a half billion dollar Qantas profit, up by nearly half from 2010, is being helped by a $95 million payment from Rolls Royce for last November's mid-air explosion on an Airbus A380, which grounded the Qantas fleet.
Joyce, speaking in Canberra, said that in 1996 Qantas international market share was 35%, now it is less than 20%.
“The world around us continues to change; we must adapt or face extinction, so Qantas International will have to change,” he told ABC’s PM programme.
Joyce said full details of the restructure would be revealed in August but the focus would be more on Asia, on alliances with other airlines, and cutting unprofitable routes.
“We will make the tough decisions,” he said.
Dinah
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