The Qantas Group (QF) will defer deliveries of its Airbus A380s as it moves to further reduce capital expenditure in 2012-13, the company said in a statement.
Capital expenditure in 2012-13 will now total $1.9 billion compared to $2.3 billion previously planned.
Headlining the reductions are changes to the Group’s fleet plan, which will see two A380 that had been scheduled for delivery in early 2013 moved to 2016-17, QF said, adding that the Group’s final six A380s will be delivered between 2018-19.
Progress continues on the Group’s international transformation initiatives, with benefits of $280-$365 million to be realized across financial years 2012-14 from improving fleet economics, deepening alliances, withdrawing from loss-making routes and modernizing operational practices.
QF CEO Alan Joyce put the changes in the context of an airline moving to fulfill strategic goals in an uncertain economy.
“We have made substantial progress in our fleet renewal program—our average passenger aircraft age is now 8.3 years, which is highly competitive with other major global carriers,” he said.
“As a result we are in a good position to reduce capital expenditure, targeting investment at business areas that deliver sustainable returns while maintaining flexibility in forward fleet commitments. With 12 A380s now in service and our Boeing 747 reconfiguration program well underway, we have made the financially prudent decision to reschedule a further two A380 deliveries—enabling significant capital expenditure savings,” he said.
Article Source : ATW Daily News
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