Business
UPDATE 2-Qantas Accelerates Cost Reduction as Cash Flow Turns Positive
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* Expected to post an annual loss of over $ 1.5 billion
* Begins to reduce debt levels
* To freeze salaries, reduce agents’ commissions, propose layoffs
* Stocks increase almost 5% on market update (adds stocks)
SYDNEY, May 20 (Reuters) – Qantas Airways Ltd on Thursday announced new cost-cutting initiatives to help it weather the coronavirus crisis, but said its debt level had peaked and was starting to decline as ‘he would switch to a positive cash position in the second half.
The airline said it would report a pre-tax loss of more than A $ 2 billion ($ 1.5 billion) in the fiscal year ended June 30, in part due to depreciation of planes and severance pay.
However, the underlying annual profit before interest, taxes, depreciation and amortization is expected to be between A $ 400 million and A $ 450 million, the airline said in a market update that sent shares higher. nearly 5% at the start of the session on a day when the local enlarged the index finger was flat.
Debt levels peaked at A $ 6.4 billion in February and are expected to drop below A $ 6.05 billion by June amid a rebound in domestic travel to near normal levels, said the airline company.
Making the forays into the debt we needed to get through this crisis shows that the company is now on a more sustainable basis, Qantas chief executive Alan Joyce said in a statement.
The airline announced new cost-cutting initiatives, including a two-year wage freeze, reduced commissions to travel agents on international tickets and voluntary layoffs for cabin crew in its international division.
Qantas pushed back the sale of international tickets, with the exception of New Zealand, to December of the previous October, after the Australian government predicted it would not open the borders to generalized travel until mid- 2022.
The airline said its international branch is burning around A $ 3 million per week, up from A $ 5 million last month, due to the opening of non-quarantine round-trip travel to New Zealand and strong demand for freight.
Indoor capacity is expected to reach 95% of pre-pandemic levels in the quarter ending June 30 and exceed its pre-COVID performance in fiscal 2022.
$ 1 = A $ 1.2953 Reporting by Jamie Freed; Editing by Stephen Coates and Christopher Cushing
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