Pre-tax profit came in at A$1.4 billion (£860m; $1.11 bn) for the year to the end of June.
The underlying profit before tax was $1.4 billion, down 8.6% on past year but above guidance, and a statutory profit after tax of $852 million, down 17.2%.
"Three years ago, we started an ambitious turnaround program to make the Qantas Group strong and profitable".
"In that time, we've tackled some hard structural issues, become a lot more efficient and kept improving the customer experience".
Investors were impressed with the result and outlook and drove the airline's shares up 22 cents, or 3.8 per cent, to $6.02 - their highest level since October, 2007. "Today's announcements show this plan has well and truly paid off".
The underlying result represents the second highest performance in Qantas' 97 year history, down 8.6 per cent compared with last year's record. Its underlying profit before tax of A$1.4 billion was its second highest.
It was looking into offering direct flights from Australia's east coast to London and NY by 2022, if manufacturers Airbus and Boeing develop aircraft with "the range to make these non-stop flights possible with a full passenger load".More news: Veragua Rainforest & amp; Research
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"This is a last frontier in global aviation, the antidote to the tyranny of distance, and a revolution for air travel in Australia", he said.
Mr Joyce said the two manufacturers were working on planes that were nearly capable of doing the job - the 777X and the A350ULR. "This will be one of the most strategically important aircraft orders" in Qantas' history.
He said the non-stop flights would take up to four hours off the journey from Sydney to London, which is now just over 24 hours.
Australia's largest carrier also announced a $373 million buyback to increase shareholder returns, having only begun delivering dividends again a year ago after a seven-year drought.
Qantas' planned Sydney-London flight would be about 17,000km.
It posted an Underlying EBIT of $327 million, its second highest result but a fall of $185 million on a year ago.
Qantas has announced a non-executive bonus of $2,500 for full-time and $2,000 for part-time employees, for the successful completion of the turnaround program.