Qantas to Cut 1,000 Jobs

Discussion in 'Qantas Airways | Frequent Flyer' started by Newscience, Dec 5, 2013.

  1. Newscience

    Newscience Gold Member

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    1000 Jobs to be Trimmed But Qantas Boss Supports Management

    In a strong-willed defence of his management team's performance, Alan Joyce Qantas's Chief Executive said that they're doing a "great job in tough circumstances."
    Qantas said it will cut down 1000 jobs and issued a bleak profit warning following a "marked deterioration" in trading conditions in November. Joyce's own salary of A$5.1 million will be cut and there would be a pay freeze and no bonuses for executives for next 12 months.
    Today shares of Qantas dipped almost 15 per cent in trading on the ASX as investors responded to the latest profit warning by dumping the stock. The airline expects to report an underlying loss of between A$250 million and $300 million for the six months to the end of the current year.
    Joyce mentioned in an update to the Australian stock exchange, "The challenges we now face are immense."
    He added, "Since the global financial crisis, Qantas has confronted a fiercely difficult operating environment - including the strong Australian dollar and record jet fuel costs, which have exacerbated Qantas' high cost base."
    Qantas has appealed to the Australian government to review foreign airlines' investment in Qantas and said it was taking steps to make savings of $2 billion over the next three years.

    Last edited by a moderator: Dec 5, 2013
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