AUSTRALIAN flagship carrier Qantas Airways doubled its underlying annual profit, it announced yesterday, as shrinking losses on its international arm offset tougher competition on its lucrative domestic routes.
Qantas, which formed an alliance with Emirates Airline this year in an effort to trim losses on international routes, has been battling to keep its domestic yields up as investment in the once-booming resources sector slows and the government forecasts limp economic growth into 2014.
Qantas said underlying profit before tax rose to A$192m (£110.8m) from A$95m a year ago. Underlying operating losses on its international arm halved to A$246m, while profits on domestic earnings fell 21 per cent to A$365m.
City A.M. Reporter