Qantas frequent flyer program turning into airline's biggest money spinner

A once-unwanted Qantas Airways division with no planes or passengers is turning into the airline's biggest money spinner. Qantas' frequent-flyer business, earmarked for sale at least twice, has delivered consistent growth since the airline's historic loss in 2012. Now CE Alan Joyce is hatching more ambitious plans for his most profitable unit. Joyce expects the loyalty program's earnings to almost double by 2022 as a revitalised Qantas sells air miles to a widening pool of companies. The business is so central to Qantas that hitting the profit target could underpin a 50% jump in the stock price. Credit Suisse Group estimates that business is worth almost A$4b, which is more than the carrier's international business and double some valuations of the loyalty unit when its sale was contemplated in 2008. <br/>