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Qantas to cut costs after profits fall
Qantas has announced plans to cut costs by AU$1.5 billion over the next three years after unveiling an 88% drop in annual profits
Net income for year to 30 June fell to AU$117m (£58.5m).
The airline said the cost cutting programme, Q Future, would focus on sales and distribution, fuel conservation, aircraft utilisation and schedule, and procurement.
“There has never been a more volatile and challenging time for the world’s aviation industry,” said chief executive Alan Joyce.
“When most airlines are reporting losses, the Qantas group is reporting a profit for the full year.
“Through unprecedented and significant shifts in operating conditions and demand, we have remained financially strong.
“This has been due to our strategy built around two strong flying brands in Qantas and Jetstar, a portfolio of airline-related businesses, and an ongoing focus on managing costs and driving efficiencies.”
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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