Qantas Airways has denied reports that it has received a private equity bid of A$3.5 billion ($3.66 billion).

"There has been no approach, formal or informal, to Qantas in relation to any proposed takeover offer," said a Qantas spokesman.

"Qantas management has a clear strategy for the Qantas Group and is committed to delivering this strategy and improving shareholder value. This includes the five-year plan for turning around Qantas' international business announced last week," added the spokesman.

On 25 August, the Qantas Group said its full-year profit before tax rose by 46% to A$552 million in the year ended 30 June. The group's total revenue for the year rose by 8% to A$14.9 billion, as compared with A$13.8 billion during the same period a year earlier.

However, Qantas Airways' international operations incurred a loss of A$200 million in the year to 30 June.

Source: Air Transport Intelligence news