Qantas to Close Jetstar Asia, Freeing Up Capital for New Fleet
Qantas Airways Ltd. said low-cost subsidiary JetStar Asia will close next month, freeing up as much as A$500 million ($327 million) in capital to fund the group's fleet renewal program.
Singapore-based JetStar Asia, which is 49% owned by Qantas, is expected to post a A$35 million underlying operating loss this financial year in the face of intensifying competition and rising costs, Qantas said Wednesday. Thirteen Jetstar Asia Airbus A320 aircraft will be redeployed to Australia and New Zealand.
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