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BRIEF-Qantas Airways Sees Domestic Capacity At 68% Of Pre-Covid Levels For Dec

Published 03/12/2020, 12:08 pm
Updated 03/12/2020, 12:12 pm
© Reuters.
QAN
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Dec 3 (Reuters) - Qantas Airways Ltd QAN.AX :

* QANTAS GROUP MARKET UPDATE

* GROUP DOMESTIC CAPACITY AT 68 PER CENT OF PRE-COVID LEVELS FOR DECEMBER,

* RESTRUCTURING AND RECOVERY PROGRAM REMAINS ON TRACK TO DELIVER AT LEAST $1 BILLION IN ANNUAL SAVINGS FROM FY23

* AS AT 30 NOVEMBER 2020, GROUP HAD $3.6 BILLION IN AVAILABLE LIQUIDITY

* EXPECTS TO BE CLOSE TO BREAK EVEN AT UNDERLYING EBITDA LEVEL FOR FIRST HALF

* EXPECTS TO BE CLOSE TO BREAK EVEN AT UNDERLYING EBITDA LEVEL FOR H1 AND NET FREE CASH FLOW POSITIVE IN H2

* NUMBER OF FULL TIME EQUIVALENT ROLES STOOD UP EXPECTED TO INCREASE TO AROUND 14,000 IN QUARTER THREE

* EXPECTS ITS CURRENT DOMESTIC MARKET SHARE OF ABOVE 70 PER CENT TO BE MAINTAINED

* CURRENTLY, APPROXIMATELY 13,500 ROLES REMAIN STOOD DOWN

* FACING A REVENUE DROP OF AT LEAST $11 BILLION THIS FINANCIAL YEAR ALONE COMPARED TO PRE- COVID

* FURTHER 24 FLIGHTS, COMPRISING OF 787 DREAMLINERS, EXPECTED TO ENTER SERVICE IN DEC AND JAN

* NET DEBT HAS RISEN TO $5.9 BILLION AS AT 30 NOV FROM $4.7 BILLION AT 30 JUNE Source: https:// Further company coverage: QAN.AX

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