Australian carrier Qantas on Thursday roared back into the black, turning a Aus$2.84 billion (US$2.08 billion) net loss into a Aus$557 million profit within the space of 12 months.

The airline said the result for the year to June 30 was driven by lower fuel prices and aggressive cost-cutting.

Underlying profit before tax -- Qantas' preferred measure of financial performance, which excludes one-off costs and write-downs -- was Aus$975 million, compared to a Aus$646 million loss a year earlier.