Qantas has rejected claims by unions that the company's annual net loss can be blamed on poorly thought-out ventures and ad campaigns.
Qantas will cancel orders for Boeing 787 aircraft to cut costs after reporting a $245 million net loss for the year to June 30, a turnaround from a net profit of $250 million in the previous year.
The Australian and International Pilots Association (AIPA) on Thursday slammed the airline, saying it could be "doing much, much better" with the right management.
AIPA president Captain Barry Jackson cited a number of failings such as not investing in modern, fuel-efficient aircraft and "poorly thought-out" ventures in southeast Asia.
Mr Jackson also pointed to Red Q - the new premium airline to run out of Singapore or Malaysia - and the New Spirit multimillion-dollar marketing campaign.
"A year on and these have been discarded and proven to be giant wastes," he said in a statement.
But a Qantas spokesman rejected his claims.
"These initiatives have not been a waste," he said in a statement.
"Advertising is a key part of marketing Qantas to Australians and our customers around the world.
"Qantas is also very much committed to Asia, and when the time is right we think there is an opportunity for a premium airline in Asia.
"We have not invested capital in that venture yet, so it has not impacted our results today."
Transport Workers Union (TWU) national secretary Tony Sheldon also blamed the "devastating loss" on "disastrous management".
He singled out Qantas chief executive Alan Joyce for most of the blame.
"This person was derelict in his responsibilities to protect the Australian icon and quite clearly incapable of properly operating it," he said.
Mr Sheldon also pointed to the fleet's grounding last year and accused management of "playing with the figures" over the likely cost of the airline's response to industrial action by its workers.
"This is a company that's recklessly approached both its responsibilities as directors, as the CEO and the executives," he told reporters in Sydney.
The Qantas spokesman rejected the claim.
He also accused Mr Sheldon of attempting to rewrite history and said union action had contributed to the airline's losses.
The Qantas spokesman said the TWU was involved in three months of industrial action last year that contributed to a $194 million cost to Qantas, disrupted 70,000 passengers and saw 600 flights cancelled.
"The impact of the unions' strike action is reflected in our financial results," the spokesman said.