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Qantas cancels $8.5B worth of Boeing 787 orders

Wednesday - 8/22/2012, 8:36pm  ET

By The Associated Press

(AP) - Australian airline Qantas is canceling an order for 35 of Boeing's new 787 jets as it tries to cut costs.

The jets would have been worth $8.5 billion at list prices, although discounts are common on large orders.

The financially struggling airline is still buying 15 787-8s. It is also keeping options that allow it to buy as many as 50 of Boeing's longer 787-9. But it's cancelling orders for 35 of those jets.

Qantas CEO Alan Joyce says the change is part of trying to make Qantas profitable.

Boeing Co. says Qantas has been a long-standing customer and it will work with the airline to help it adapt.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)