Qantas shares rise 7 percent after earnings jump

SYDNEY Wed Aug 28, 2013 8:21pm EDT

Two Qantas passenger jets cross each other at Kingsford Smith International airport in Sydney June 27, 2013. REUTERS/Daniel Munoz

Two Qantas passenger jets cross each other at Kingsford Smith International airport in Sydney June 27, 2013.

Credit: Reuters/Daniel Munoz

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SYDNEY (Reuters) - Shares in Australia's flagship carrier Qantas (QAN.AX) jumped as much as 7 percent on Thursday after the company posted a full-year net profit of A$6 million from a net loss of A$244 million a year ago.

The carrier doubled its underlying annual profit and said shrinking losses on its international arm outweighed tougher competition on its lucrative domestic routes.

Qantas was trading 6.5 percent higher to A$1.31 by 0016 GMT.

(Reporting by Thuy Ong; Editing by Richard Pullin)

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