Qantas reported a pre-tax profit of A$975 million (US$716 million) for its 2015 fiscal year, a turnaround from a A$646 million loss the prior year.

The results, for the fiscal year ending June 30, come about halfway through Qantas' A$2 billion cost-cutting "transformation" program, which chief executive Alan Joyce called the "biggest and fastest" in the carrier's history and includes job cuts, a pay freeze and call-center reductions. Qantas also benefited from lower fuel costs and a 2.6 percent year-over-year increase in revenue passenger kilometers. Net passenger revenue increased 3 percent year over year to A$13.7 billion. Qantas also announced it is acquiring eight Boeing 787 Dreamliner aircraft that will begin arriving in 2018 to replace older 747s.