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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Qantas Airways Limited    QAN   AU000000QAN2

QANTAS AIRWAYS LIMITED

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Qatar Airways expects to keep A380s parked for years

10/19/2020 | 08:18am EST

DUBAI, Oct 19 (Reuters) - Qatar Airways does not expect to use its Airbus A380s for at least the next two years, its chief executive said on Monday, longer than a previous projection for the superjumbos to possibly return to service in 2021.

The state-owned airline has parked its 10 A380s due to the devastating impact of the coronavirus crisis on travel demand.

"We don't think we are going to operate our A380s for at least the next couple of years," Akbar al-Baker told an online conference.

He had said in June the jets would remain parked until at least the middle of next year. The Gulf carrier plans to start retiring its A380s from 2024 when its oldest superjumbo reaches ten years of service.

The A380s would return once the airline saw the growth rate of 2019, before the pandemic struck, Baker said.

The 100 destinations to which the airline is currently flying is 25 fewer than planned due to a new wave of infections in Europe and travel restrictions, he said.

Baker criticised rivals operating the A380 as "foolish", saying there was insufficient demand and so prices would be driven down.

Air France retired its A380s this year, while British Airways and Qantas retired their Boeing 747s as the crisis sent air travel into free fall.

Gulf carrier Etihad Airways is mulling whether its parked A380 fleet will ever return, while Emirates, the largest superjumbo operator, has resumed some services with the jet. (Reporting by Alexander Cornwell; Editing by Edmund Blair and Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM 4.82% 5.396 Real-time Quote.-45.63%
AIRBUS SE 0.22% 90 Real-time Quote.-31.02%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -2.31% 160.85 Delayed Quote.-62.39%
QANTAS AIRWAYS LIMITED -2.30% 5.53 End-of-day quote.-22.22%
VODAFONE QATAR P.Q.S.C. 0.38% 1.331 End-of-day quote.14.74%
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Financials
Sales 2021 6 129 M 4 523 M 4 523 M
Net income 2021 -911 M -673 M -673 M
Net Debt 2021 5 534 M 4 084 M 4 084 M
P/E ratio 2021 -10,2x
Yield 2021 -
Capitalization 10 360 M 7 658 M 7 645 M
EV / Sales 2021 2,59x
EV / Sales 2022 1,09x
Nbr of Employees 20 000
Free-Float 99,4%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 4,82 AUD
Last Close Price 5,52 AUD
Spread / Highest target 26,5%
Spread / Average Target -12,7%
Spread / Lowest Target -45,7%
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Managers
NameTitle
Alan Joseph Joyce CEO, Executive Director & Managing Director
Richard J. B. Goyder Chairman
Vanessa Hudson Chief Financial Officer
Robert Marcolina Group Executive-Strategy, Innovation & Technology
Barbara Kay Ward Independent Non-Executive Director
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AEROFLOT - RUSSIAN AIRLINES-31.11%2 274