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Qantas swings to profit

Boosted by cost-cutting and its alliance with Emirates Airline, Australia's Qantas has announced it has bounced back into the black, with a modest annual net profit, Reuters has reported. The airline posted a profit of Aus$5m ($4.5m) in the 12 months to June 30, a major improvement on the historic Aus$245m loss the previous year. Under the Emirates alliance, Qantas has shifted its hub for European flights to Dubai from Singapore, which had given the group a strengthened position on routes to Europe, the Middle East and North Africa. "Bookings have been very positive, running at about twice the level of Qantas's previous codeshare arrangements for flights to Europe," said chief executive Alan Joyce.