Qantas ceo: Transformation ‚Äúworking”

Qantas ceo: Transformation ‚Äúworking”
By admin

Qantas is expecting to report an underlying net profit after tax between $300 million and $350 million for the first half of FY15, attributing the turnaround to the success of its Transformation program launched 12 months ago.

The airline said the $2 billion accelerated Qantas Transformation program, which included various cost-cutting measure across the entire company, has either met or exceeded savings targets, with the group on track to realise “at least $350 million in further benefits in the first half of FY15”.

The airline said it also expects to receive a $30 million benefit in the first half from lower Australian dollar fuel prices.

Qantas ceo Alan Joyce said the Transformation was “gathering pace” and was on track to report its best first half result since 2010.

"This demonstrates that the strategy we have outlined to transform our business is working," he said in a statement released on the ASX this morning.

"This is an improvement of over $550 million compared with the first half last year, with Qantas Transformation being the primary driver of the turnaround."

The airline reported all operating segments are expected to be profitable in the first half, at underlying earnings before interest and tax levels.

Qantas will announce the first half results for FY15 on 26 February 2015.

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