March 16, 2020 / 11:02 PM / 22 days ago

BRIEF-Qantas Airways Says International Capacity To Be Cut By Around 90% Till At Least May End

March 17 (Reuters) - Qantas Airways Ltd:

* UPDATE ON CORONAVIRUS RESPONSE

* TOTAL GROUP INTERNATIONAL CAPACITY WILL BE CUT BY AROUND 90 PER CENT UNTIL AT LEAST END OF MAY 2020

* TOTAL GROUP DOMESTIC CAPACITY WILL BE CUT BY AROUND 60 PER CENT UNTIL AT LEAST END OF MAY 2020

* CHANGES REPRESENTS GROUNDING OF AROUND 150 AIRCRAFT

* TRAVEL DEMAND UNLIKELY TO REBOUND FOR WEEKS OR POSSIBLY MONTHS, IMPACT THIS WILL BE FELT ACROSS ENTIRE WORKFORCE OF 30,000 PEOPLE

* QANTAS AND JETSTAR WILL MAKE FURTHER AND MUCH LARGER CUTS TO DOMESTIC AND INTERNATIONAL FLYING SCHEDULES

* WORKING TO MANAGE IMPACT AS MUCH AS POSSIBLE, INCLUDING THROUGH USE OF PAID AND UNPAID LEAVE

* TRAVEL DEMAND UNLIKELY TO REBOUND FOR WEEKS OR POSSIBLY MONTHS & IMPACT TO BE FELT ACROSS ENTIRE WORKFORCE OF 30,000 PEOPLE

* TRAVEL DEMAND UNLIKELY TO REBOUND FOR WEEKS OR POSSIBLY MONTHS & IMPACT WILL BE FELT ACROSS ENTIRE WORKFORCE OF 30,000 PEOPLE

* WORKING TO MANAGE IMPACT THROUGH THREE MONTHS OF NO PAY FOR CEO AND CHAIRMAN

* TO MAKE SIGNIFICANT PAY CUTS FOR GROUP EXECUTIVE MANAGEMENT & BOARD MEMBERS, CANCEL ANNUAL BONUSES AND AN OFF-MARKET BUY BACK

* PREVIOUSLY ANNOUNCED CUTS IN PLACE FROM END-MAY THROUGH TO MID-SEPTEMBER REMAIN IN PLACE & ARE LIKELY TO BE INCREASED Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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