Qantas underlying profit doubles as international losses shrink
SYDNEY Aug 29 (Reuters) - Qantas Airways doubled its underlying annual profit, Australia's flagship carrier reported on Thursday, with shrinking losses on its international arm outweighing tougher competition on its lucrative domestic routes.
Qantas, which formed an alliance with Emirates Airlines this year in an effort to trim losses on international routes, said underlying profit before tax rose to A$192 million ($171.72 million) from A$95 million a year ago.
That compared with the average analysts' forecast of A$92.7 million, according to Thomson Reuters Starmine data.
The airline posted a full-year net profit of A$6 million from a net loss of A$244 million a year ago.
Qantas said the operating environment remained tough and volatile, with aggressive competition in the Asia-Pacific region in particular.
"No group profit guidance is provided at this time due to the high degree of volatility and uncertainty in the competitive environment, global economic conditions, fuel prices and foreign exchange rates," the company said in a statement.
($1 = 1.1181 Australian dollars) (Reporting by Lincoln Feast; Editing by Paul Tait)
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