Qantas Airways shares plunge as airline flags $300m first-half loss, axes 1000 jobs Qantas chief Alan Joyce has announced 1000 more jobs will be axed at the flag carrier. QANTAS shares have plunged in the wake of the group's revelation today that it has tumbled back into the red. Shares in the Flying Kangaroo fell more than 17 per cent in early trading, wiping more than $380 million from the group's market value. They clawed back some ground later in the morning but were still down almost 15 per cent early this afteroon. It came after Qantas warned it expected to post an underlying loss before tax of $250 million to $300 million for the six months to December 31. The airline said trading conditions deteriorated markedly in November with a steeper decline passenger numbers. Chief executive Alan Joyce said the airline's circumstances demanded urgent action. "We will do whatever we need to do to secure the Qantas Group's future," Mr Joyce said. The challenges we now face are immense - but we will overcome them and we will continue to build a stronger and better Qantas for Australia. Qantas said it would accelerate its cost cutting program to save around $2 billion over the next three years. The cost cutting with see at least 1000 jobs go, while Mr Joyce and Qantas board members will take a pay cut. Virgin Australia chief John Borghetti. The company's executive team will also have their pay frozen, with no bonuses paid this financial year. Qantas will also review its spending with its top 100 suppliers and reduce overheads. It will also launch a review to look at capital expenditure and the airline's structure to identify potential sources of capital. Mr Joyce said the airline was facing the toughest market conditions it had ever faced. We will focus relentlessly on cutting costs and improving productivity, while maintaining our competitive advantages as a business, Mr Joyce said. He said the airline had faced tough conditions since the global financial crisis and was competing on the international stage against airlines subsidised by foreign governments. He also hit out again at rival Virgin Australia and its major shareholders, Air New Zealand, Singapore Airlines and Etihad Airways. Virgin Australia founder Richard Branson this week launched a broadside at Qantas. Qantas has repeatedly criticised Virgin's planned $350 million equity raising program. Under the program, unveiled by Virgin chief John Borghetti last month, the three foreign airlines increase their ownership stake in the airline - potentially as high as almost 70 per cent. Virgin founder Richard Branson yesterday attacked Qantas, saying the flag carrier would not be in a financial mess if it had better management and service. Qantas shares were trading at $1.03 this afternoon, down from a closing price yesterday of $1.205.