Qantas has staged an impressive return to profitability – and that means more competition for Air New Zealand.
The Australian airline has announced a $975 million pre-tax profit – a significant step up from just one year ago when it announced a loss of $646 million.
The turnaround is the result of cost-cutting which saw thousands of jobs cut, but the airline has also reaped the benefits of plunging fuel prices.
Qantas' Jetstar New Zealand subsidiary is also profitable.
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