Boosted by near-record profit, Qantas eyes 'last frontier' of commercial flights

Singapore

QANTAS Airways Ltd, upbeat after reporting near-record profits that vindicated a three-year turnaround strategy, laid out plans on Friday to develop the "last frontier" of non-stop flights - 20 hours from Sydney to London. It also announced a new cost-cutting target of A$400 million (S$430 million) in savings each year as well as a share buyback, helping its stock surge to a 10-year high.

For the past three years, chief executive Alan Joyce has slashed staff numbers and driven the "Flying Kangaroo" fleet harder, pushing up fares to withstand competition on international routes and offset a soft business travel market at home. The strategy has worked - giving Australia's biggest airline the confiden…