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Qantas Airways Limited (ASX:QAN) has reported an 83 per cent first half profit slump and announced it will cut 500 jobs.



In the last six months of 2011 Australia’s largest airline posted a net profit of $42 million in a challenging period that saw it come under pressure with industrial action and higher fuel prices. 



The latest result is sharply lower from a profit of $241 million achieved in the first half of fiscal 2010.



However Qantas’ underlying profit before tax has come in better expected, falling 52 per cent to $202 million and beating its own guidance of between $140 million and $190 million in underlying pre-tax profits.

CEO Alan Joyce says he expects about 500 positions have become structurally redundant and will so be impacted by immediate changes and also flagged changes to the airlines maintenance and catering businesses.