Qantas Airways has had precious little to celebrate recently, but that could change with early signs of a remarkable revival. Just a few months after reporting record annual losses, Qantas claims to have already climbed back to profitability-while rival Virgin Australia remains firmly in the red. For Qantas, an underlying pre-tax profit for the three months through Sept. 30 is the most positive indicator yet that its massive restructuring program is working. In con- trast, Virgin Australia is adding to its challenges as it takes over the struggling Tiger Airways Australia.
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