Qantas on track to meet its international transformation targets

Qantas CEO Alan Joyce says (02-Nov-2012) after a "challenging period" the platform is in place for to allow the transformation of the loss making international business to be achieved. The group's domestic business, Jetstar and frequent flyer programme were all profitable and seen the carrier through the GFC, Joyce said. "Now they are the platform for a transformation program that will turn around Qantas International and build a more competitive Qantas Group," he said. Planned capital expenditure for FY2013 of AUD1.9 billion (USD1.97 billion) would not be exceeded in FY2014. Qantas' net debt at 30-Jun-2012 stood at AUD$3.15 billion (USD3.26 billion). "As a result, we are turning our attention to paying down debt, mindful of the volatile economic and financial environment," Joyce He apologised for the disruption caused for by the fleet grounding a year ago. [but] "The grounding of the Qantas fleet and subsequent termination of industrial action by Fair Work Australia brought stability and certainty for our customers, employees and shareholders," Mr Joyce said. "And the agreements subsequently reached with these unions, and endorsed by Fair Work Australia, have reinforced managements right to manage." [more - original PR]