Qantas back in the black with A$203m H1 net

Singapore

AUSTRALIAN flag carrier Qantas swung back into the black with a net profit of A$203 million (S$216.2 million) for the six months ended Dec 31, 2014, versus a loss of AS$235 million, as aggressive cost-cutting measures in its turnaround plan paid off.

"The decisive factor in this result - our best half-year performance for four years - is our transformation programme, which delivered A$374 million in benefits in the first half," said chief executive Alan Joyce, who faced strident calls for his resignation just six months ago.