Chief executive of Qantas International, Tino La Spina, will leave the company in light of what is likely to be the extended grounding of this part of the airline.
Despite what the carrier branded as the “most challenging period in its long history,” Australian flag-carrier Qantas has reported an underlying profit of AUS$124 million for the year to June 30th.
Qantas has unveiled a three-year plan designed to accelerate a recovery from the Covid-19 outbreak. Under the proposals, as many as 6,000 jobs will be lost, while the Australian flag-carrier will seek to raise to $1.9 billion in fresh liquidity.
With the exception of those to New Zealand, Qantas has cancelled all international flights until late October. The news comes as the Australian government said its border would remain closed into next year to slow the spread of the coronavirus.
Qantas has confirmed it will exit its minority stake in Vietnamese airline Jetstar Pacific. The Australian flag-carrier is expected to hand full control of the budget carrier over to co-owner Vietnam Airlines.
Qantas and Virgin Australia have been offered $A165 by the Australian government to ensure they maintain key domestic routes across the country. Both carriers have suspended the majority of operations in the wake of the coronavirus pandemic.
Qantas has completed a new round of debt funding, securing $1.05 billion in additional liquidity to strengthen its position as it manages through the Coronavirus outbreak.
Qantas and Jetstar have confirmed the majority of their 30,000 employees will be asked to stand down until at least the end of May as global travel comes to a virtual standstill during the coronavirus outbreak.
Qantas Group has announced further cuts to its international flying, reducing capacity by almost a quarter for the next six months. The latest cuts follow the spread of the coronavirus into Europe and North America, as well as its continued spread through Asia.
Qantas has unveiled a new safety video featuring mullets, moustaches, flying boats and propeller aircraft to celebrate its centenary.
At the same time, Qantas said it continued to deliver strong earnings in a mixed market, with an underlying profit before tax of $771 million for the first half of the year.