Qantas - Konsekvenser av dårlig resultat

Qantas cancels 35 787s on back of A$244 million full year loss

Qantas announced today that it has cancelled firm orders for 35 787-9s while revealing that it made a loss, its first since privatisation in 1995, of A$244 million for the 12 months ended June.

The decision to cancel, worth $8.5 billion at list prices, was made due “to lower growth requirements”. However, the flag carrier said that options and purchase rights on another 50 787-9s will be brought forward two years to 2016, effectively delaying the introduction of the aircraft in to its fleet from the original date of 2014.

Orders for 15 787-8s destined to be delivered to Jetstar remain unchanged, enabling the transfer of Jetstar’s A330s to Qantas Domestic and the phased retirement of Qantas’ 767 fleet.

Total revenues rose six per cent, year on year, to A$15.7 billion but this was nearly wiped out by an eight per cent rise in expenses, which reached A$15.4 billion.

Alan Joyce, Qantas Group’s CEO said that the launch of its biggest transformation programme since privatisation had been made in “extremely challenging circumstances”.

Responding to the announcement, Captain Barry Jackson, President of the Australian and International Pilots Association said “Obviously Qantas faces a challenging set of circumstances that have contributed to today’s disappointing result. However there is no denying that this airline could be doing much, much better if it had enjoyed good management over recent years… Investing in modern aircraft, like the fuel-efficient 777, would have drastically cut Qantas’s fuel bill. Fuel makes up roughly a third of total costs for Qantas, so chipping into this would have had a significant effect on the bottom line. Meanwhile, poorly thought-out attempted ventures in Southeast Asia have sucked desperately needed funds from the group. Roughly this time last year, Mr Joyce called a press conference to announced ‘Red Q’, a new premium airline to run out of Singapore or Malaysia. It coincided with a multimillion-dollar marketing campaign lauding the ‘New Spirit’. A year on and these have been discarded and proven to be giant wastes. Similarly the failed experiment in Vietnam with Jetstar Pacific must have sucked huge amounts of money from Qantas Group. Unfortunately management has not made clear exactly how much. The unnecessarily militant approach to industrial relations last year, culminating in a catastrophic decision to ground the fleet, did massive damage to the once untouchable Qantas brand”.

He concluded “Qantas pilots stand absolutely willing and able to work with management to return Qantas to success. We urge Mr Joyce to re-engage with staff and recognise that they are part of the solution, not the problem. That is the only way we can move forward from today’s result.”