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More job cuts from Dixon at the QF AGM
Qantas CEO Geoff Dixon confirmed in yesterday’s AGM that high fuel prices would cut into Qantas Airways profits in fiscal 2006, forcing the company to look again at further job cuts to meet planned cost savings by 2008.
Dixon told The Mole, “there would be undoubtedly further job cuts at Qantas.” However, he refused to say how many jobs would be lost, adding that savings would also be made through efficiencies and the introduction of new technology at Qantas.
QF has 38,000 staff and has been cutting costs in a three year $A$1.5 billion restructuring plan that ends next June, although it also plans to further reduce costs by making an additional $A1.5 billion in savings across the 2007 and 2008 financial years.
Nevertheless QF remains the world’s most profitable commercial airline, while working in one of the world’s highest cost markets, yet it continued to post successive record annual profits in 2004 and 2005.
Graham Muldoon
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