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Thursday, December 5, 2013

QF warns of losses and job cuts

Qantas group CEO Alan Joyce has announced Qantas is facing a loss of up to $300M AUD in the 6 months from July to December this year.  As a result the group will cut at least 1000 positions in the next 12 months while all executives will have their salaries frozen at current levels and will not receive bonuses in this financial year.
It has also signaled that it will consider selling parts of its business. It has not named potential units which could be sold but there has been speculation that it could consider a part sale of its frequent flyer business.
As expected Mr Joyce has laid blame fairly and squarely on the "unprecedented distortion of the Australian domestic market" ramping up his recent attacks on Virgin Australia being allowed to undertake their equity raising including foreign ownership.  However like many others around the internet I believe Qantas are a victim of their own pigheadedness by trying to retain their 65% line in the sand, by increasing their own capacity on routes to maintain their 65% domestic market share.

Read more on the upcoming Qanta losses and cuts via
Brisbane Times (Fairfax) Business Day HERE or
Australian Business Traveller HERE

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