Qantas returns to the black

SYDNEY: Australian flag carrier Qantas has bounced back into the black, the airline announced, with a modest annual net profit boosted by cost-cutting and its alliance with Emirates.

The airline posted a profit of A$5mil in the 12 months to June 30, a major improvement on the historic A$245mil loss the previous year, when high fuel costs and industrial action hammered the bottom line.