Qantas stays loyal to its frequent flyer 'cash cow'

Australia's flagship airline, Qantas Airways Ltd (QAN.AX), is making a mint helping other companies keep their customers - even as it struggles to retain the loyalty of its own. Hiding behind Qantas' staggering A$2.8 billion ($2.6 billion) headline annual net loss announced last week is a hugely profitable loyalty program that is the envy of the airline world - and the carrier isn't letting go. Some investors have urged Qantas to sell all or part of Qantas Frequent Flyer, which is valued as high as A$3 billion. Rival carrier Virgin Australia Holdings (VAH.AX) announced on Friday it was offloading a stake in its loyalty plan.

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