Qantas Airways Limited
(ASX:QAN) is likely to incur penalties in the hundreds of millions of dollars for culling its ageing fleet of Boeing 747 jumbo jets. That’s according to the Australian Financial Review.
The paper reports the airline is preparing to cut its fleet from 26 to nine over the next five years.
Three aircraft are said to be going into retirement as soon as the end of this year, costing the company between $8 million and $14 million each in compensation.
The final figure is still under negotiation, sources say. Qantas has not commented on the cost of compensation payments.
In the 2011 financial year Qantas reported a net profit of $249 million.
