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Indiaexportnews.com

Qantas cancels orders for 35 Dreamliners

  27.08.2012    

Australia's Qantas Group has announced it is cancelling its US$8.5 billion order for 35 Boeing Dreamliners after suffering a net loss of A$244 million (US$254 million) for fiscal-year 2011-2012 to June 30 - its first annual loss since privatisation in 1995, according to the Shipping Gazette. 
Qantas CEO Alan Joyce said the cancellation is "a prudent decision" as the airline's key target now is to return to profitability.
"The B787 is an excellent aircraft and remains an important part of our future," Mr Joyce said. "However, circumstances have changed significantly since our order several years ago. It is vital that we allocate capital carefully across all parts of the group."
But fifty B787-9 options and purchase rights will be retained and brought forward by almost two years, available for delivery from 2016, said the company statement, adding that this "restructure means a two-year delay in the group's first B787-9 delivery."
But there is no change to Qantas's plans for the B787-8 aircraft. "Deliveries of 15 B787-8s to Jetstar will continue as planned, with the first aircraft to arrive in the second half of 2013. This will enable the transfer of Airbus A330 aircraft from Jetstar to Qantas Domestic, and the eventual retirement of Qantas' Boeing 767 fleet."
The changes will result in a reduction in capital expenditure commitments that would equal US$8.5 billion at list prices.
Said Mr Joyce: "We have now substantially completed our fleet renewal programme for the Qantas Group, with 114 new aircraft delivered over the past four years. Our average scheduled passenger fleet age is 8.3 years, the lowest since privatisation and highly competitive by international standards.
"We have twelve A380s in service across our long-haul network and the reconfiguration of nine B747s will be complete by late 2012. Boeing 737-800s will continue to enter the Qantas domestic fleet as part of the group's existing plan, while the Airbus A330s will transfer from Jetstar as B787s are delivered. And Jetstar's domestic and pan-Asian fleet requirements will be met over the long-term by our existing A320 order book and the arrival of B787-8s.
"Fifty B787-9s will remain available to the group from 2016, in line with the timeframe of the Qantas International turnaround plan."
Qantas said that the total cash inflow from the restructuring programme will be $433 million, with $355 million in fiscal year 2012-2013.


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