Qantas sees encouraging signs
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Qantas Group says the global economic outlook remains uncertain but it is seeing some encouraging signs and has seen no further deterioration in its business. The Sydney Morning Herald said that Chairman Leigh Clifford told the national carrier’s shareholders at its annual general meeting Qantas is well positioned to benefit when trading conditions improve.
”The global economic outlook remains uncertain,” he told the meeting in Perth on Wednesday. ”We are seeing some encouraging signs and certainly no further deterioration.”
Qantas booked a AU$117 million (US$108 million) net profit for 2008/09, down from AU$969 million in the prior year. It plans to cut costs by AU$1.5 billion over the next three years, starting with a target of AU$500 million this financial year. Key components of the cost cutting plan include reconfiguring aircraft, including the superjumbo A380, technology advancements and fuel conservation.
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