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Today, 08 November 2009

› Malema’s life in danger

› Bok player ratings

› Hofmeyr addresses Joost

› Bok captain heading home

› Approaching Normal

Yesterday, 07 November 2009

› Malema’s life in danger

› Leicester sting Bok Bs

› Eskom chair faces the axe

› Nedbank, ANCYL make up

› Hofmeyr addresses Joost

Australian airline Qantas on Tuesday announced further cuts to its capacity, saying the global financial crisis was continuing to dampen passenger demand.

Chief executive Geoff Dixon said lower demand for flights, particularly on international routes, would mean Qantas' profit before tax for the fiscal year ending June 30, 2009 would be about A$500-million.

"This figure is within the current range of analysts forecasts," Dixon said in a statement.

The forecast compares with Qantas' record profit before tax of A$1.41-billion for the financial year ending June 30, 2008.

Dixon, who will step down as head of Australia's largest airline later this week, said in addition to capacity cuts announced earlier this year, the airline would further reduce capacity equivalent to grounding 10 aircraft.

"By taking this action now we will have the flexibility to switch growth back on as soon as market conditions improve," Dixon said.

"We are in unpredictable times and the international business market, in particular, has slowed."

In May, Qantas said it would slash capacity by five percent by cutting routes, services and jobs and retire several aircraft to cope with high fuel prices.

Dixon said the further cuts would involve the carrier not taking up the planned lease of two A330-200 aircraft, changing the flying patterns of some planes and halting all planned domestic market growth for Qantas and its budget offshoot Jetstar.

"Our actual flying in the next six months will be four percent below the equivalent period in 2008," he said.

Alan Joyce, who will replace Dixon, said while the airline had benefited from the recent fall in oil prices, this has been offset by the global slowdown triggered by the credit crunch.

"Our fuel bill for 2008/09 will still be A$750-million higher than last year," he said in the statement.

AFP