The Business Times

Qantas to cut 1,000 jobs, warns of A$300m loss

It cites challenges including stiff competition, strong A$, high fuel prices

Published Thu, Dec 5, 2013 · 10:00 PM
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[SINGAPORE] It looks like Qantas's strategy of aligning itself with Middle Eastern carrier Emirates has yet to pay off.

Australia's national flag carrier said it would shed at least 1,000 jobs and warned of a loss of up to A$300 million (S$340 million) in the first half of financial year 2014 as it continues to battle a tough operating environment both at home and abroad.

The airline has said it is facing immense challenges, including stiff competition on the domestic front, a strong Australian dollar and high fuel prices. This has prompted its dramatic cost-cutting strategy with the aim of saving A$2 billion over the next three years, partly through retrenchment of at least 1,000 employees over 12 months, a pay cut for chief executive Alan Joyce and the board, as well as a pay freeze for executives in FY2014.

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