Qantas half yearly results are in and the outcome from the COVID-19 pandemic and border closures is ugly. Qantas posted an Underlying net loss of $1.03 billion for the first six months of financial year 2021. To put this in perspective Qantas posted a $771 million profit for the corresponding period in 2020. Qantas’ revenue…
Read More Qantas announces $1 billion loss because of COVID-19
Alan Joyce has used the airline’s AGM to put unions on notice that he expects employees to be flexible on new work agreements. The Qantas CEO wants cheaper labour to compete with a post-administration Virgin Australia and help offset the severe financial challenges facing the airline. Unions reacted angrily to the demand saying that Qantas…
Qantas is still very much on war footing as it continues to navigate the impacts of COVID-19. One thing you could not accuse Alan Joyce of is procrastinating. Alan Joyce has increased pressure on state premiers over border closures urging 20,000 of its stood-down staff and the airlines 10,000 suppliers to sign a petition calling…
Read More Alan Joyce has increased pressure on state premiers over border closures
Qantas FY20 Financial Results Qantas’ 2020 Yearly Report is in and the results were ugly with Qantas reporting a very skinny $124 million (Underlying) profit down 91% from last year. When you factor in their aircraft write-downs and redundancy costs Qantas actually made a statutory loss of $2.7 billion. Qantas ratios in particular profitability…
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…