Alan Joyce was supposed to be celebrating Qantas’ Centenary Year, but the COVID-19 crisis has seen Qantas effectively stalled for the past few months as demand for travel has evaporated. Alan Joyce has just announced details of Qantas’ post COVID-19 recovery plan which are extreme and brutal in terms of cost reductions and job losses.…
When the coronavirus travel restrictions hit shutting down the airlines Virgin Australia was always in trouble. Unlike Qantas, Virgin Australia had an unhealthy balance sheet. Lots of debt made Virgin Australia vulnerable. The airline undertook its expansion and development by borrowing billions of low-cost monies that was available. The company also pursued growth over profits…
Qantas is no stranger to external shocks. It endured September 11, the GFC, Bali bombings, earthquakes, tsunamis, rising fuel costs etc. But according to Alan Joyce the coronavirus induced aviation crisis is like none before it. It’s the single biggest shock that global aviation had ever experienced. Will Qantas survive? The answer is yes. He…
Qantas like all other airlines around the world are reeling as containment measures tighten to halt the spread of the coronavirus. Two days after slashing international flights by 90 percent, Qantas has announced it will suspend overseas services altogether by the end of March. The tipping point for Qantas was the new requirement for anyone…
Read More Coronavirus hits Qantas even harder with 20,000 workers stood down
Qantas Half Yearly report is in and Qantas has once again delivered strong earnings. Qantas’ underlying profit before tax was $771m (down only $4m or 0.5 percent on the previous corresponding period). This was despite challenges from the external environment such as weaker demand (slowdown in the economy), disruption in Hong Kong, industrial action on…
Read More Qantas reports a great half year result but Coronaviruses looms to spoil the celebrations
Coronavirus set to impact Qantas Alan Joyce is saying that it is too early to tell how many millions of dollars Qantas will lose in the wake of the deadly coronavirus outbreak. Qantas is yet to release an earnings guidance on the financial impacts of the virus to the ASX and may do so when…