27th February Big Qantas announcement

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Share price now down over 6% to $1.19
 
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Joyce:

  • We'll be working with our employees to manage [the job losses] in a compassionate way
  • Today our focus in on transforming our cost base for earnings recovery
  • Qantas has valuable and desirable assets across our diversified portfolio
  • Sale of BNE lease to be recognised in second half of financial year
  • No other decisions made on capital (eg. leases, buildings)
  • Our customers are at the heart of what we do [just not in Darwin, Adelaide, Hobart or Canberra]
  • We'll continue our A380 reconfiguration project
  • Wonderful new lounges will open up over the next few months in HKG and LAX to complement the success of our SIN lounge
  • We'll continue to strengthen QF loyalty for our customers
  • Qantas will remain a top tier international carrier
 
Joyce:

  • Over the past five years we've shown yet again that we can take the tough decisions to survive
  • We're doing what is right and what is necessary
  • We'll draw upon the deep resources that this company offers
  • We have . . . a FF program that is going from strength to strength
  • Qantas will still be one of the great airlines [according to who?]
  • Qantas will still be a strategic asset to all
  • We must and we are making the hard but necessary decisions that will protect this great company
 
First question from "Ross": "Has there been any discussion with the board about your own position?"

Great question.

Joyce: "I'm absolutely committed to QF . . ."
 
RickyT84 said:
IMO, Air NZ is more of a 'niche' carrier which works for them. It has a much smaller international network that QF and its domestic and Trans-Tasman product is more low-cost and full service. Granted they have also made some right fleet choice (i.e. the 777) which helps..
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Their international network is not "much smaller"??? London, Los Angeles, San Francisco, Vancouver, Honolulu, Hong Kong, Shanghai, Tokyo, Osaka, Sydney, Melbourne, Adelaide, Brisbane, Perth, Darwin and Cairns, as well as a host of pacific island destinations including Rarotonga, Vanuatu, Fiji, Samoa, Tonga, Tahiti, and more. Red highlights ports not serviced by QFi.
 
Question: "I think we'd be hoping the international result would be better given the deal with EK last year".

Joyce: "There's a couple of actors there. There's been a 9% growth of capacity into and out of Australia . . . which has resulted in a significant hit on the yield of our business . . . Fuel . . . significant rise in the cost of the fuel side . . . I have to say that the EK alliance is getting a great reaction . . ."
 
markis10 said:
Their international network is not "much smaller"??? London, Los Angeles, San Francisco, Vancouver, Honolulu, Hong Kong, Shanghai, Tokyo, Osaka, Sydney, Melbourne, Adelaide, Brisbane, Perth, Darwin and Cairns, as well as a host of pacific island destinations including Rarotonga, Vanuatu, Fiji, Samoa, Tonga, Tahiti, and more. Red highlights ports not serviced by QFi.
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And MCY seasonally
 
Haven't got anything useful to add. Just like the thought of more than 100 users seeing my post!
 
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