Qantas Airways Ltd Coronavirus Response Analyst and Investor Call Transcript
Okay. Thank you, everybody, and good morning, everybody. Hopefully, you've had a chance to read through our announcement. So rather than going through this in detail, I'd like to make some broader comments and then Vanessa Hudson, our group CFO, and I will be happy to take your questions.
A lot has happened since we updated the market 3 weeks ago. We've seen coronavirus and the amazing levels of coverage around it shift from China to also include the Middle East, Europe and now North America. That's led to a very sudden drop in demand for air travel. All of this can be summed up by IATA's, the International Air Transportation Association's, assessment of the situation.
Three weeks ago, they estimated that the revenue hit to airlines would be at USD 29 billion. And in the past few days, they said it could be over USD 113 billion.
When we made our first round of capacity cuts, we said it was based on what we could see at the time, the facts that we had in front of us. Since then, we've been getting daily
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