(MENAFN) Australian carrier Qantas yesterday took drastic measures to get back on its feet with aggressive cost-cutting and placing an order for eight Boeing Dreamliners.
Qantas logged an annual USD409 million net profit in the last fiscal year ending June-30, a noteworthy turnaround from a net loss of USD2 billion in the previous corresponding time frame.
Qantas stated its cost-cutting program had helped save USD655 million over the year and allowed it to pay down debt, not to mention the lower fuel prices which also helped with the overall outcome.
"This transformation has been all about getting our foundations right, being smarter with our costs and faster with our decisions. And on these stronger foundations, we can build a much stronger Qantas," said Chief executive.
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