Qantas announces return to profit

<p>Qantas Airways is back in the black.</p>

The share price of Qantas Airways is up today (August 29th), after the company has announced a return to profit in the year ending on June 30th 2013.

Qantas revealed that it made a profit of A$6 million (£3.5 million) over the 12-month period, reversing the previous annual losses of A$244m.

Alan Joyce, chief executive of the airline, suggested bookings to key markets have been improved as a result of the firm's new partnership with Emirates.

"The Qantas-Emirates partnership gives the group a strengthened position on routes to Europe, the Middle East and North Africa, via the global hub of Dubai," he said in a statement.

Mr Joyce added that bookings are now running at about twice the level of Qantas' previous code-share arrangements for flights to Europe.

Qantas has had a major boost to its share price as a result of the financial results, with its stocks 13.82 per cent higher on the Australian Stock Exchange in today's session.

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