Don't be fooled by the figures.

Qantas actually made a $120m profit (awesome effort).

Huge write down of 380 fleet (note the exact same thing happened to the 747's)

$600m for redundancy payouts (funded by the release of new shares)

It cost Qantas nothing. It's nothing more than a paper loss for future company tax relief.

So are you now telling us LWOP is not required to secure our future? All is rosy?

Nothing more than a paper loss for an amaaaaaaaaaazing turn around and another amaaaaaaaazing 26 Million bonus😒😒

Not at all. The second half of the year was a huge loss. Shielded by the fact that the first half was a huge profit.

Haha, gold!

So you’re saying that QF is profitable but just not profitable enough?

Big write-offs in B747 values a few years back and A380's now simply confirm that previous profits were overstated by not charging sufficient depreciation etc.
Sets it up for a stream of higher profits as happened with the last big write-off a few years ago.
Very cunning!!

Tino La Spina boned.

Terrific. Now he can get a job at dodgy brothers used cars, where his talents can really be used.

Was COVID the excuse or the reason ? :confused:

....or shielded by a dubious selection as to what is normalised profit. Having staff would seem to be part of running a business so not entirely sure why exiting the staff is not part of normal profit. The same applies to fuel hedging.

Sorry for a silly question - why does AJ takes 65% cut while others take 85%? Shouldn't he or all staff on the same pay cut?

Maybe Tino made the mistake of asking the same thing.

Hickey, Webster, Evans, la Spina. Hmmm seems like they aren’t getting the right talent. Good luck Andrew David. Thank god the bloke at the top is so good.

As much as dabbling into conspiracy theories about why TLS is leaving makes us all think we’re smarter and know the “real truth”, the story presented is by far the most logical one. His position became redundant as Int CEO as there is no Int flying forecast for a year. When it does start up again it could probably be managed under existing management structures for a little while before a dedicated Int CEO is needed again.

As much as TLS copped criticism over his initial letter to Flt Crew last year, I think he showed a lot of effort by turning up to most webinars and taking questions on demand. It’s never a good thing to be made redundant in any job.

If they wanted him to stay, they would have found a lower position for him. Who knows if he was offered that.....he might have been given another role and decided against it

TLS never got a stand down clause in his contract I'm guessing!

Crikey! If this isn't a wake up call for many, I don't know what is.

AJ's salary has been reduced to 65% of normal pay, his direct reports are on 85% of normal pay.

I'm sure AJ can afford it!