SYDNEY, March 10 (Reuters) - Qantas Airways Ltd QAN.AX stated on Tuesday it will reduce its worldwi
SYDNEY, March 10 (Reuters) – Qantas Airways Ltd QAN.AX stated on Tuesday it will reduce its worldwide capability by almost 25% over the following six months, together with grounding most of its Airbus SE AIR.PA A380s, because it grapples with a plunge in demand from the coronavirus.
It’s going to now floor the equal of 38 planes, up from 18 introduced final month, and its CEO will take no wage for the rest of the monetary 12 months ending June 30. All workers are being requested to take paid or unpaid depart. Additionally it is cancelling plans for a A$150 million ($98.73 million)off-market share buyback to protect money.
“We count on decrease demand to proceed for the following a number of months so slightly than taking a piecemeal method we’re reducing capability out to mid-September,” Qantas Chief Govt Alan Joyce stated in a press release. “We retain the flexibleness to chop additional or to place capability again in as this case develops.”
Qantas shares have fallen by 42% for the reason that begin of January.
($1 = 1.5193 Australian…