SYDNEY AND SIGAPORE—Qantas Airways Ltd., Australia’s biggest carrier, said it’s considering a partial initial public offering for its frequent-flyer program. The stock had its biggest gain in more than a year.

Qantas will make a decision on the sale in August, the Sydney-based carrier said in a statement to the stock exchange Tuesday. The airline hired UBS AG, Citigroup Inc. and Macquarie Group to advise it, it said.

A sale of the program could add to earnings at Qantas, which is struggling to cope with soaring jet-fuel costs. The Sydney-based carrier is revamping its loyalty business, which has more than 5 million members and is worth at least A$2 billion ($1.9 billion), according to Matt Crowe an analyst at JPMorgan Chase & Co.

“This sort of business doesn’t actually recognize any profits until the points are redeemed,” Crowe said. “By making it a lot easier for the customer to redeem their points, this will probably boost reported earnings.”

 Qantas rose 5.6 percent to A$3.21 as of Tuesday’s midafternoon session in Sydney trading. The stock gained as much as 8.9 percent.

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Qantas may sell shares in frequent-flyer program to boost profit

SYDNEY AND SIGAPORE—Qantas Airways Ltd., Australia’s biggest carrier, said it’s considering a partial initial public offering for its frequent-flyer program. The stock had its biggest gain in more than a year.

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