Qantas (ASX:QAN) and Jetstar are to suspend scheduled international flights from late March, following latest government travel advice regarding the coronavirus with some ongoing ad hoc services possible.
There will be a 60 per cent reduction to domestic flights, focused on cutting frequency.
Two-thirds of employees to be temporarily stood down to preserve as many jobs as possible longer term.
With the Federal Government now recommending against all overseas travel from Australia, regularly scheduled international flights will continue until late March to assist with repatriation and will then be suspended until at least the end of May 2020.
Payment of $201 million shareholder dividend deferred until September 2020.
Shares in Qantas (ASX:QAN) closed 11.54 per cent lower at $2.53 yesterday