Qantas put out a horror announcement today.
Here’s what you need to know:
- It expects to post a loss of between $250 million and $300 million for the six months to 31 December
- Shares have plummeted, down more than 15%
- The airline will cut up to 1000 jobs through an existing cost-cutting program, which it’s going to speed up
- Boss Alan Joyce and the board are taking a pay cut. There’s no bonuses for execs, and they get their pay frozen
- It will review how much it spends with its top 100 suppliers
- Qantas says government help would not have prevented any of it happening
You can read our full report here.