Big Balls
I cannot see what AJ is on about. The company is in no immediate danger of collapse, with (reportedly) $2b in the bank, these losses can be sustained for a while. The problem is in the policies, direction and structure.
I agree, although the market update from the Qantas group (profit warning) was required by the ASX, I believe it was more about ramping up pressure on the parliament to either change the Qantas Sale Act or to underwrite current and future borrowings.
Compare the level of support that Qantas is seeking with the level of support that was afforded the big 4 banks (ANZ, CBA, NAB, WBC). Is this any different?
QAN with 15.9 billion in revenue, 20.2 billion in assets and 33,000 employees is the 10th largest employer in Australia.
10. Qantas
9. Westpac
8. Telstra
7. Spotless
6. CBA
5. ANZ
4. Rio Tinto
3. BHP Billiton
2. Woolworths
1. Westfarmers
I'd like to see P/L statements for each business group. I also think that Qantas are playing the man (Borghetti) rather than focussing on a sustainable future.