Qantas Airways is on track to cut its debt by $1 billion by the 2015 financial year as part of a huge revamp of the airline.
In a statement accompanying the airline’s investor day today, the airline also forecast $2 billion transformation benefits by the 2017 financial year.
It said it was making “rapid progress” towards delivering its business transformation, and would deliver more than $875 million in benefits by FY2015.
Qantas said its credit profile was forecast to “reach its target two years ahead of initial timeframe”.
It also said investment in growth would maximise long-term shareholder value by “leveraging the group’s competitive advantages” and “positioning the group to succeed in future growth markets”.
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Meanwhile, Malaysia Airlines has recovered from two catastrophic blows in the past 12 months, achieving a 7.8 per cent increase in passenger numbers in February 2015, up from the same period in 2014, according to the International Airline Activity report released by the Australian government today.
It comes after a horror 2014 for the carrier, with flight MH370 disappearing from the skies in March and flight MH17 shot down in July over war-torn Eastern Ukraine, killing 298 passengers, including 38 Australian citizens and residents.
Malaysia Airlines regional senior vice-president PK Lee said the result was encouraging, but there is still more work to be done.
“This is our main market outside of Malaysia and connecting our continents is our ultimate goal,” Lee said in a statement.
“We have been flying in and out of Australia for more than 40 years and are committed to helping this region build closer ties with Asia for mutual benefit.”
