Qantas does not expect the full benefits of its alliance with Emirates to be realised for nearly another two years.
Chief executive Alan Joyce told reporters at a media conference announcing its 2013 financial year earnings that while the early signs from the Emirates partnership have been good, it will take some time to realise the full benefits of the joint network.
"There is still a lot of work to do bedding down the partnership in FY14," says Joyce. "But by FY15 we expect to see the full commercial benefits flow."
Qantas and Emirates entered into their alliance in April, which resulted in the Australian carrier moving its hub for European services to Dubai, while the two carriers have integrated their international networks.
Joyce says that the airline has already seen some major benefits from the alliance, with bookings from Emirates passengers on Qantas's domestic network trebling.
"Codeshare bookings by Qantas customers on Emirates' network are running at about twice the level of our previous network to Europe - which included BA, Cathay, Air France and Iberia," he adds.
The two carriers formally extended their alliance onto trans-Tasman routes on 14 August after receiving clearance from New Zealand's competition regulator.
Joyce adds that the alliance is "the most important" part of a five-year strategy to return Qantas's international business to profitability by 2015.
Qantas International recorded an underlying earnings before interest and taxation loss of Australian dollars (A$) 246 million ($221 million) for the 2013 financial year, well down compared to the loss of A$484 million last year.