Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

'Caution, another Cast Lead lies ahead'

Read more

BUSINESS DAILY

Rising into the ranks of Haute Couture

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FOCUS

Ireland's missing babies cast light on dark history

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Are French high school students getting smarter?

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Living in Tel Aviv, under threat of rocket attack

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

  • US prepared to negotiate Gaza ceasefire, Obama says

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

Business

Qantas slashes yearly profit forecast by up to 80 percent

©

Latest update : 2009-04-14

Australian airline Qantas downgraded its yearly profit forecast by as much as 80 percent and said it would slash up to 1,750 jobs. The airline also said it had put off multi-billion dollar orders for 16 aircraft.

AFP - Australian airline Qantas downgraded its annual profit forecast by up to 80 percent Tuesday and said it would slash as many as 1,750 jobs and defer multi-billion dollar orders for 16 aircraft.
   
"We have no choice but to lower our profit forecast and make major changes to ensure Qantas can weather the current commercial environment," chief executive Alan Joyce said, lowering profit forecasts from 500 million dollars (350 million US) to 100-200 million.
   
Qantas said it was responding to a "rapid and significant deterioration of trading conditions in the past few weeks" and warned the new profit guideline could be downgraded further if conditions continued to decline.
   
"The profit forecast range is subject to no further changes in market conditions, fuel prices and volatility in hedge accounting results," it said.
   
The airline also said it would reduce capital expenditure by at least 800 million dollars in 2009-10, defer orders for four Airbus A380s and twelve Boeing 737-800s and reduce capacity by a further five percent.
   
Qantas had ordered 20 A380s for its long-haul fleet.
   
In addition, it will ground the equivalent of 10 aircraft and make them available for sale, the carrier said.
   
Qantas said it would cut 500 management jobs and may have to slash a further 1,250 full-time equivalent positions to protect the airline's long-term viability.
   
The latest jobs cuts come after Qantas slashed 1,500 positions in July last year and 90 senior management jobs last month.
   
Deputy Prime Minister Julia Gillard said the government would do what it could to help Qantas workers who lost their jobs.
   
"Clearly this is very unwelcome news and it's going to be very distressing for those Qantas workers who are shortly to be told that they have been made redundant," she told reporters.
 

Date created : 2009-04-14

Comments

COMMENT(S)