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Qantas Cuts FY13 Capex By A$400 Million; Delays A380 Deliveries

Date : 05/03/2012 @ 7:25PM
Source : Dow Jones News
Stock : Airbus Group (AIR)
Quote : 46.805  0.26 (0.56%) @ 8:57AM
Airbus Group share price Chart

Qantas Cuts FY13 Capex By A$400 Million; Delays A380 Deliveries

Qantas Airways (ASX:QAN)
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Qantas Airways Ltd. (QAN.AU) said Tuesday it has cut its capital expenditure budget for next financial year by another A$400 million to A$1.9 billion after delaying the delivery of two Airbus A380 superjumbos.

Qantas said the two double-deck aircraft will now be delivered in the 2017 financial year, later than their original planned delivery date in early 2013. Capital expenditure in the 2014 financial year will be A$1.9 billion or less, the Australian airline said.

The final six A380s will be delivered from the 2019 financial year, bringing its total fleet to 20.

Qantas said it expects benefits from an overhaul of its loss-making international flights business, that included cutting some routes, of A$280 million-A$365 million to be realized across the 2012-2014 financial years.

Airbus is a unit of European Aeronautic Defence & Space Co. (EAD.FR).

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com



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