What makes you think Qantas International is making a profit with
- older, more expensive planes
- uncompetitive depreciation rates
- high terminal charges and gate fees at home hiubs
- chunk of costs in AUD which has appreciated
Their real yields. Take a look at their load factors (from BITRE website) and then do a search on their ticket prices. Their fares are significantly higher than other airlines and they are still selling seats.
You are off the mark listing the AUD as a problem. They buy fuel and aircraft in the now cheaper US dollar whilst still colecting fares in AUD. Paying wages has not fluctuated in relation to the dollar but the other two are now far cheaper than 10 years ago.