Cost of coronavirus to Qantas is 'too early' to tell: Alan Joyce
Qantas CE Alan Joyce says it is too early to tell how many millions of dollars Qantas will lose in the wake of the deadly coronavirus outbreak. Joyce said he would use the effect of the SARS pandemic as a benchmark. “It impacted us by A$55m back in 2003 and lasted around 6 to 8 months,” Joyce said. “This is different in a number of different ways, and who knows how it is going to expand.” Investment bank UBS noted that during the SARS pandemic, during which Qantas international traffic fell 11% and domestic load factors dropped 4%, the airline placed a freeze on discretionary expenses, incentivised staff to take leave and cut its capital expenditure. Joyce said a drop in fuel prices would help to soften the blow to the bottom line, as shares fell by about 5.3% Monday. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-01-30/oneworld/cost-of-coronavirus-to-qantas-is-too-early-to-tell-alan-joyce
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Cost of coronavirus to Qantas is 'too early' to tell: Alan Joyce
Qantas CE Alan Joyce says it is too early to tell how many millions of dollars Qantas will lose in the wake of the deadly coronavirus outbreak. Joyce said he would use the effect of the SARS pandemic as a benchmark. “It impacted us by A$55m back in 2003 and lasted around 6 to 8 months,” Joyce said. “This is different in a number of different ways, and who knows how it is going to expand.” Investment bank UBS noted that during the SARS pandemic, during which Qantas international traffic fell 11% and domestic load factors dropped 4%, the airline placed a freeze on discretionary expenses, incentivised staff to take leave and cut its capital expenditure. Joyce said a drop in fuel prices would help to soften the blow to the bottom line, as shares fell by about 5.3% Monday. <br/>
