These results are shameful.
What's taken 70 odd years to elevate one of the world's most recognised brands has now been savagely mauled. Bar very few, if you've been senior management or on the boards in the last 20 years you have a lot to be ashamed about.
Personal power plays and vested interests have infected this company. No rational, corporate mind could ever be convinced that a total shutdown of operations would be the start of a turn around in industrial relations.
Here we are, months later, with a collapsing share price, continued massive ill feeling within staff, appalling marketing strategies and a barely retained BBB credit rating. And there's more failure to come. The next rating review will decimate the credit watch.
Really, how & where would you start with a serious Qantas recovery?
For mine, clear out this board. From there, backed with an intelligent board of business minds who live for the challenge of winning in business AND do not need the glory of a board position (ala Herb Keleher/ Gordon Bethune et al) replace the current CEO with someone who builds winning, competitive cultures. The current guy - not a prayer of doing that.
Next, accept airlines ARE NOT cash cows. They're not in the league of super funds, iron ore mines or pharmaceutical giants. They can't consistently make huge profits. They can & should, however be profitable. At the same time, forget the 'return on assets' metric - it doesn't fit in aviation. Even the banks only wheel it out when they need to defend record profits and consumer criticism.
It would be fair to argue aviation is closer to farming than those industries mentioned above. In such instances, you look back over 10+ years to really assess if you've made money, all the while never spending the takings of a good season in one go!
This is such a hugely infected, flailing monstrosity & it will take enormous will by shareholders, a new board and a new management team/ CEO to turn it around. What's for sure is the current team will lead the on going failure no matter what strategy they choose to employ. Pay them off, see them to the door & start again.