20 Aug 2012

Qantas chief executive to forgo bonus

1:32 pm on 20 August 2012

Qantas chief executive Alan Joyce is to forgo his bonus and a pay rise after a sharp plunge in the airline's profits.

The company is due to announce its profit results on Thursday.

Qantas has forecast a fall of 90% in its profits for the financial year ending 30 June, amid losses at its international operations and high fuel costs.

The airline has also been hit by a series of strikes and labour disputes.

It is in the middle of a restructuring programme that will cut 2800 jobs and include closing a maintenance facility at Tullamarine airport at Melbourne.

The BBC reports its stock price is down 35% since April this year.