Qantas delays plane deliveries amid fresh spending cuts

Qantas will delay the delivery of two A380 planes by almost four years as it announced fresh spending cuts in a bid to streamline its operations.

The airline said it will reduce its capital expenditure by a further 400m Australian dollars ($410m; $254m) this year.

Qantas had announced cuts of A$500m in February. Its profits fell 83% in the the six months to December amid rising costs and a slowdown in international routes.

"We are in a good position to reduce capital expenditure, targeting

investment at business areas that deliver sustainable returns while maintaining flexibility in forward fleet commitments," Alan Joyce, chief executive of Qantas said in a statement.

The two planes, which were due early next year, will now be delivered in 2016 or 2017, the airline said. Qantas has been shifting its focus on increasing its share of the domestic market in a bid to offset the decline in its international operations.