Pre-tax profit came in at A$1.4 billion (£860m; $1.11 bn) for the year to the end of June. The airline's highest ever profit was delivered the previous year.

Although down nearly 9% from that record, Chief Executive Alan Joyce says the company's turnaround is complete.

The strong result is down to cost cuts and its robust domestic business which helped offset global competition.

"Three years ago, we started an ambitious turnaround program to make the Qantas Group strong and profitable. We tackled some difficult structural issues, became a lot more efficient and kept improving customer service.

"Today's announcements show this plan has well-and-truly paid off," Mr Joyce said in a statement.

Qantas also confirmed plans to sell non-stop flights from Sydney to London and New York by 2022.

But the plan will depend on the airline securing planes from Airbus or Boeing that are capable of travelling the distance.

"From next year we will be flying direct from Perth to London, which is a huge leap forward," Mr Joyce said.

"We believe advances in technology in the next few years will make Sydney to London direct a possibility," Mr Joyce said in a statement.