"We have made considerable progress with our turnaround plan for Qantas International and we remain on track towards our target for the business to return to profit in FY15," Joyce said. "Bookings have been very positive, running at about twice the level of Qantas's previous codeshare arrangements for flights to Europe," he said, adding that the full benefits were expected to flow from 2015. "We have reduced Qantas International's cost base by 5 percent, having withdrawn from loss-making routes, retired ageing aircraft and completed the reconfiguration of nine Boeing 747s and all 12 of our A380s, resulting in improved fleet economics."