give him a golden parachute, please...
Qantas has posted a $235 million half-year loss and announced that 5,000 jobs will go.
The airline posted an underlying before tax loss of $252 million for the six months to the end of December, which was at the lower end of a $250-300 million loss forecast by Qantas late last year.
However, Qantas chief executive Alan Joyce says the result is unacceptable, and the airline will slash 5,000 full-time equivalent positions in an attempt to return to profitability.
Qantas domestic reported a profit of $57 million, slumping from $218 million in the same period a year earlier, while the international division's loss increased to $262 million from $91 million a year ago.
Jetstar also suffered, swinging to a loss of $16 million from a profit of $128 million a year ago, although Mr Joyce says the domestic component continued to be profitable.
Qantas's frequent flyer program was by far the most profitable part of the business, reporting a record profit of $146 million.
In another plea for Federal Government intervention, Mr Joyce attributed much of the airline's problems to "a giant wave" of extra airline seats added mainly by what he says are government-owned foreign carriers.
"Many have far lower labour and other costs, they're often spurred by national economic development goals rather than profit targets, and they have the backing of their governments to raise capital," he argued.
As usual, Joyce blames others than his own management skills for the flop... It's more than time Joyce got his golden parachute... I can say here with confidence that, as a cartoonist, I could do a better job than Joyce at the helm of the Aussie kangaroo... But then some people would tell me I am deluded... Sure I would say, but remember I used to be in ADVERTISING... With Joyce at the helm, any advertising campaign is going to sound hollow... and to say the least, I don't think people are prepared to let him get away with success. Just a nagging feeling... I could be wrong of course... But... Usually when a company performs badly, the CEO is sent packing with a "here-is-your-golden-(sorry plated)-watch" handshake, a few millions in preferred shares and a "good-bye-do-not-come-back" through the door.