Wirraway
26th May 2003, 16:54
AAP
Qantas to accelerate restructure: report
Qantas Airways Ltd is to accelerate a massive restructuring program in response to the severe downturn in international travel and cutbacks by its international rivals, The Australian Financial Review reports.
The project, dubbed Sustainable Future, was to have generated $1 billion of cost savings over the next three years through a range of initiatives, including more productive work practices and a fleet overhaul, the newspaper said.
But after two profit downgrades in the past three months, airline officials are considering strategies to hasten the cost cuts, it said.
Industry sources said options included altering work hours to achieve pay cuts, further job reductions, asset sales and increased use of foreign-based staff.
İAAP 2003
Qantas to accelerate restructure: report
Qantas Airways Ltd is to accelerate a massive restructuring program in response to the severe downturn in international travel and cutbacks by its international rivals, The Australian Financial Review reports.
The project, dubbed Sustainable Future, was to have generated $1 billion of cost savings over the next three years through a range of initiatives, including more productive work practices and a fleet overhaul, the newspaper said.
But after two profit downgrades in the past three months, airline officials are considering strategies to hasten the cost cuts, it said.
Industry sources said options included altering work hours to achieve pay cuts, further job reductions, asset sales and increased use of foreign-based staff.
İAAP 2003