9-Aug-2012 11:39 AM

Qantas Group expects USD317m in savings, 2800 job losses from transformation

Qantas Group CEO Alan Joyce said (08-Aug-2012) Qantas International has “taken the full force of the challenging international economic and aviation dynamics, and dragged down our results” and the Group is “moving at speed to execute a dramatic five-year transformation plan” for the carrier. Qantas will undergo a “wholesale transformation” based on four pillars: opening gateways to the world, through close partnerships with leading airlines; growing with Asia; being best for global travellers; and, building a strong, viable business to create shareholder value. Mr Joyce stated cost saving initiatives implemented over the past year are expected to realise around AUD300 million (USD317.4 million) p/a in saving. The carrier estimates the equivalent of 2800 full-time roles will be lost as a result of transformation initiatives undertaken so far, although some affected individuals will find new roles within growth parts of the company. [more - original PR]