Qantas Airways Limited : Qantas Airways Outlines Yearly Cost Savings Goal
08/08/2012| 12:06am US/Eastern
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MELBOURNE--Qantas Airways Ltd. (QAN.AU) expects to save around 300 million Australian dollars (US$316.4 million) a year from asset sales and consolidation, Chief Executive Alan Joyce told a business meeting in Sydney on Wednesday.
Mr. Joyce said the airline was transforming itself to meet the challenges of a high Australian dollar, high fuel prices and economic downturns in Britain, Europe and the U.S.
"We have the right strategy, we are executing at speed, we are seeing early results, and the benefits will flow within the next 12 months," he said.
Mr. Joyce said the equivalent of 2,800 full-time roles had been lost as a result of the transformation, with a number of affected people to find new roles within growing parts of the company.
Write to Gavin Lower at gavin.lower@wsj.com
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