Qantas profit rises on Boeing cash

Qantas Airways Ltd, Australia’s largest carrier, said first-half profit more than doubled after it took cash from cancelling orders for Boeing Co 787 jets and cut losses on long-haul routes. The shares hit a 10-month high. Net income rose to A$111 million ($114 million) in the six months ended December 31 from A$42 million a year earlier, the Sydney-based carrier said in a statement today.

Profit before tax and one-time items at A$223 million beat the A$212 million median of four analyst estimates compiled by Bloomberg.