Posted on 19/07/08
Qantas to cut 1,500 jobs as fuel costs erode profit
Qantas Airways Ltd., Australia's largest airline, will cut 1,500 jobs worldwide to cope with an almost doubling of fuel prices in the past year. Qantas will chop about 4 per cent of jobs and also cancel plans to hire 1,200 additional workers, the carrier said yesterday. It will also ground as many as 22 aircraft. Qantas follows AMR Corp.'s American Airlines, Delta Air Lines Inc. and SAS Group's Scandinavian Airlines in eliminating staff as record fuel costs erode earnings. Industry-wide losses may total more than $6.1-billion this year, the worst since 2003, according to the International Air Transport Association. QAN (Sydney) was unchanged at $3.30 Australian ($3.22).
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