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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Qantas Airways Limited    QAN   AU000000QAN2

QANTAS AIRWAYS LIMITED

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Qantas Airways : outsources jobs, laying off 2,000 more workers

11/29/2020 | 10:15pm EST

Sydney, Australia, Nov 30 (EFE).- Australian flag carrier Qantas announced on Monday that it will outsource personnel from the first quarter of 2021 to reduce costs due to the COVID-19 crisis, resulting in 2,000 workers losing their jobs.

The decision, which affects baggage handlers, ramp workers and cabin cleaners, aims to save the company some A$100 million ($74 million) annually, according to a statement from the airline.

"This is another tough day for Qantas, particularly for our ground handling teams and their families," Qantas Domestic and International CEO Andrew David said.

"Unfortunately, COVID has turned aviation upside down. Airlines around the world are having to make dramatic decisions in order to survive and the damage will take years to repair," he added.

"While we have had some good news regarding domestic flights, international flights are not expected to return to pre-COVID levels until at least 2024. We have a massive job ahead of us to repay debt."

The announcement of the ground services outsourcing brings job losses across the group to some 8,500 staff out of the 29,000-strong workforce it had before the pandemic.

Due to the pandemic, Australia closed its international borders in March, although the airline has continued to operate repatriation flights and domestic routes at 20 percent pre-COVID capacity.

Qantas CEO Alan Joyce said last week that they are studying current regulations to try to impose the need for a COVID-19 vaccination certificate as a condition for traveling internationally on their planes.

The airline recently announced losses of A$4 billion ($2.9 billion) in revenue in the first few months of the pandemic to June 30 alone.

Qantas has also received various financial injections and aid from the government in order to maintain the viability of the sector and operate key flights.

Qantas, an acronym for Queensland and Northern Territory Aerial Services, was founded by Australian Flying Corps veterans Hudson Fysh and Paul McGinness along with grazier Fergus McMaster in the remote outback town of Winton, Queensland, after the end of the WWI. EFE

© 2020 EFE News Services (U.S.) Inc., source EFE Ingles

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Financials
Sales 2021 6 232 M 4 800 M 4 800 M
Net income 2021 -1 040 M -801 M -801 M
Net Debt 2021 5 116 M 3 941 M 3 941 M
P/E ratio 2021 -7,84x
Yield 2021 -
Capitalization 9 159 M 7 069 M 7 054 M
EV / Sales 2021 2,29x
EV / Sales 2022 0,99x
Nbr of Employees 20 000
Free-Float 99,4%
Chart QANTAS AIRWAYS LIMITED
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Qantas Airways Limited Technical Analysis Chart | QAN | AU000000QAN2 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 5,33 AUD
Last Close Price 4,88 AUD
Spread / Highest target 44,5%
Spread / Average Target 9,27%
Spread / Lowest Target -38,5%
EPS Revisions
Managers and Directors
NameTitle
Alan Joseph Joyce CEO, Executive Director & Managing Director
Richard J. B. Goyder Chairman
Vanessa Hudson Chief Financial Officer
Robert Marcolina Group Executive-Strategy, People & Technology
Barbara Kay Ward Independent Non-Executive Director
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