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Qantas has improved its ranking as one of the world's most valuable airline brands

CEO Alan Joyce. Lisa Maree Williams/Getty Images

Qantas, which has made a triumphant return to profit in one of the biggest turnarounds in Australian corporate history, has also seen impressive growth in the value of the flying kangaroo brand.

The Australian national airline is now ranking 17th in the world, up from 21, with a 64% increase in its brand value over 12 months to $US2.18 billion, according to the Brand Finance’s global index.

“Qantas has been able to maintain brand vitality in the face of some significant but important cuts that have improved profitability, brand value and Qantas’ financial sustainability,” says Brand Finance associate director Savio D’Souza.

The value is seen also in the share price which is currently nearing $4 after dipping below $1 in late 2013.

Emirates, a Qantas partner, is at the top of the list, adding 17% to bring its brand value this year to $US7.743 billion.

However, Malaysia Airlines has had another bad year as it continues to endure the fallout of two plane crashes in 2014. Its brand value is down 26% to US$462 million and it has become the weakest brand in the top 50.

Here are the world’s top 20 most valuable airline brands:

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