By Jamie Freed
By Jamie Freed
SYDNEY, March 10 (Reuters) – Qantas Airways Ltd QAN.AX stated on Tuesday it will reduce its worldwide capability by almost 25% over the subsequent 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’ll 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 and administration will obtain no bonuses. All workers are being requested to take paid or unpaid go away. It is usually cancelling plans for a A$150 million ($98.73 million) off-market share buyback to protect money.
Airways world wide are experiencing a collapse in demand because of the coronavirus, which an business physique final week estimated might decrease passenger income by as a lot as $113 billion this 12 months.
“We count on decrease demand to proceed for the subsequent a number of months so moderately than taking a piecemeal method we’re slicing capability out to mid-September,” Qantas Chief Government Alan Joyce stated in a…