Summary Box: Qantas first-half profit dives

AP News
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Posted: Feb 16, 2012 1:58 PM
Summary Box: Qantas first-half profit dives

DOWN, UNDER: Qantas Airways Ltd. plans to slash 500 jobs after posting an 83 percent drop in first-half profit. The Australian airline blamed rising fuel costs and a series of strikes that temporarily grounded its fleet.

STRIKING: A bitter labor dispute last year resulted in months of rolling strikes and caused the airline to temporarily ground its entire fleet. The strikes cost the airline $194 million.

TOUGH CUTS: The airline said it will cut 500 jobs, withdraw some international flights and revamp its catering and engineering businesses. None of the jobs cut will be moved offshore, the company said.