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Qantas states outlook remains uncertain

22-Sep-2009 10:20 AM

Qantas released (21-Sep-09) its 2008-09 Annual Report. In the report, the carrier’s Chairman, Leigh Clifford, stated the carrier’s outlook remains uncertain, due to weakened demand amid the global financial downturn, but is optimistic Qantas will be able to survive in the long term. As a result, the carrier plans to cut costs by AUD1.5 billion over the next three years, including AUD500 million in FY2009-10. [more]

Qantas: "The global economic outlook remains uncertain and we are yet to see substantial improvements in underlying business conditions. Many factors are in play that could affect the timing of the recovery. Uncertainty is also being created through significant capacity increases, domestically and internationally, by Qantas Group competitors, some of whom enjoy very favourable taxation and other arrangements…With the strengths of its two flying brands, strong management and dedicated people, the Qantas Group is well-positioned to withstand this period of downturn and will be ready to grasp opportunities fully during the eventual recovery." Leigh Clifford, Chairman. Source: FY2008-09 Annual Report.