Qantas chief executive Alan Joyce says the airline is focused on returning its international business to profitability. Potential acquisitions are on the backburner.
Last week, the airline slashed its profit forecast by more than half, cut more than 1700 jobs, reduced flights and deferred orders for new planes.
Mr Joyce says the international arm of Qantas is losing money. However, other parts of the business, such as Qantas domestic operations and Jetstar, remain profitable.
He says getting the business back on track is his main priority, rather than scouting for takeover or merger opportunities.
Mr Joyce told an ABC business programme it was "time to rethink" the way some parts of Qantas are run, including its engineering business.
