Alan Joyce has flagged a gruelling year ahead for the airline and more job cuts as it faces a slower recovery from the COVID-19 pandemic and fiercer competition from a relaunched Virgin Australia | pwhatch
Around 20,000 Qantas staff remain stood-down from work, from a pre-COVID workforce of 29,000. Four thousand jobs will be made redundant by the end of September.
"They will come out leaner and meaner and that’s a big challenge for us because the margin [advantage] that Qantas had is really important," Mr Joyce said. "If Virgin were able to overcome that cost base advantage, that’s a long term threat to Qantas." Qantas chief Alan Joyce said it is unlikely the airline will restart international flying before June next year, with the possible exception of flights to New Zealand.Qantas' net after-tax loss of $1.9 billion was driven by a $1.2 billion write-down of its Airbus A380 superjumbos, which have been sent to deep storage in the Californian desert for at least the next three years.
Sondal Bensan, an analyst at Pendal Group, which is Qantas’ largest shareholder, said Thursday’s key revelation was that the company’s weekly cash burn of $50 million in the second half came from balance sheet-related items and paying down debt - not its operations.
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