Airline chief executives face constant challenges and new Qantas chief executive Alan Joyce felt the full weight of his position this week when he slashed the company's June 2009 year profit forecast by a further 80 per cent.

The headline in the Australian Financial Review read "Qantas profit in freefall" followed by two subheadings: "Business travel slump hits earnings" and "1750 staff axed, planes grounded".

Air New Zealand chief executive Rob Fyfe faces the same difficult trading conditions but his company appears to be holding up better than Qantas and Virgin Blue, the two other Australasian listed carriers, in terms of profitability....