Qantas Climbs Most Since 2006 as Emirates Pares Long-Haul Losses

Qantas Airways Ltd., Australia’s largest carrier, climbed the most in nearly seven years as profit doubled on a tie-up with Emirates and the cancellation of unprofitable routes to Frankfurt and London.

The shares surged 14 percent on volumes almost four times the three-month average to close at A$1.40. That’s the biggest gain since Nov. 22, 2006. Pre-tax profit excluding one-time items jumped to A$192 million ($172 million) in the year ended June 30, from A$95 million a year earlier, the Sydney-based company said today, exceeding the A$76 million average of seven analyst estimates compiled by Bloomberg.