Qantas boss remains positive
Qantas chief executive Alan Joyce remains optimistic the airline's new strategy will return it to profitability despite posting a $252 million first half loss.
Joyce told reporters in Sydney on Thursday that its plan to axe 5,000 jobs, defer or sell aircraft and cut unprofitable routes would return Qantas to profitability in just three and a half years.
"We have a plan to cover every aspect of the business to get it back to profitability and we have the courage and commitment of the management team to make that happen," he said.
This is despite what he calls challenging conditions in the domestic and international aviation industry and a share price that has fallen from over $5 to just over $1 in the five years he has held the top job.
Independent Senator Nick Xenophon has said Mr Joyce and the Qantas management should take responsibility for the loss and be sacked.
"Alan Joyce and Qantas board have brought a great airline and national icon to its knees and need to go," he tweeted.
And Transport Workers Union secretary Peter Biagini said Qantas staff blame Mr Joyce for the results.
"I know what the reaction of all of the workers are and they hold him totally responsible for this," Biagini said.
But when asked if the loss would have any impact on his job, Mr Joyce would only say he was committed to Qantas and the board and management were 100 per cent behind the plan to turn the business around.
Mr Joyce has complained that during the past five years Australia has been hit by a giant wave of flights into the country and its main domestic competitor Virgin Australia has an unfair advantage in that its major shareholders are foreign-owned airlines.
"The impact of this unlevel playing field on our domestic airlines cannot be ignored," he said.
The growing number of flights into Australia seems unlikely to change and, even if the federal government does change the Qantas sale act to allow higher foreign ownership of Qantas, someone still has to want to buy it.
Qantas' former chief economist Dr Tony Webber on Thursday said this seems unlikely considering its record loss and falling share price.
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