Qantas to cut at least 6000 jobs as coronavirus costs airline billions
Qantas profits have plunged 91 per cent in what the premier airline has called “the most challenging period in its long history”.
In its 2020 financial year results released on Thursday, the airline recorded a statutory loss after tax of $1.97 billion.
Qantas has confirmed at least 6000 permanent jobs will be cut from its workforce due to the ongoing financial blows caused by the coronavirus pandemic.
Releasing its full-year financial results for 2020 on Thursday, the country’s largest airline said the near total collapse of the aviation industry had caused a $4 billion revenue plunge due to the loss of ticket sales since the end of March.
Qantas posted a statutory loss of $2.7 billion for the 12 months ending June 30, a 333.8 per cent slump compared to the 2019 financial year.
Removing one off costs and impairments, the company booked an underlying profit before tax of $124 million, a 91 per cent decline on the previous year.
“We’ve had to make some very tough decisions in the past few months to guarantee our future,” chief executive Alan Joyce said.
“At least 6000 of our people will leave the business through no fault of their own, and thousands more will be stood down for a long time.”
An additional 20,000 employees will remain stood down.
Originally published as Qantas profits plunge 91 per cent