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22-Oct-2009 8:41 AM

Qantas states it is well positioned for when the economy recovers

Qantas Chairman, Leigh Clifford stated the carrier is well positioned for when the global economy recovers, and it is starting to see signs of improvement in demand. CEO, Alan Joyce added that the Q Future cost cutting programme has so far allowed Qantas to make significant margin improvements, with a targeted AUD1.5 billion in permanent savings over three years. Areas of focus for the programme include IT, procurement, fuel conservation, fleet utilisation and aircraft configuration. [more]

Shareholders approved the election of new Directors and its 2009 remuneration package at the Annual General Meeting. However, over 42% of shareholders reportedly voted against the remuneration package, which included a AUD10.7 million payout for previous CEO, Geoff Dixon (The Australian, 22-Oct-2009). [more]

Qantas: "We all know that operating conditions have been very difficult. Therefore, I’m pleased to tell you that your Qantas Group remains profitable, financially strong, and well-positioned to seize opportunities when conditions improve...The global economic outlook remains uncertain. We are seeing some encouraging signs and certainly no further deterioration. The Qantas Group is well-positioned to withstand this period of downturn with the strengths of its two flying brands, strong management, and dedicated people. And the Group will be ready to emerge strongly, and seize the opportunities when conditions improve." Leigh Clifford, Chairman. Source: Qantas, 21-Oct-2009.

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