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Qantas nearly triples profit

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Qantas has nearly tripled its first half profit as it begins to realise the benefits of recent tough decisions, its chief executive says.

Qantas made a net profit of $111 million in the six months to December 31, up from $42 million in the previous corresponding period.

The result falls below analyst expectations of a net profit of $138 million.

"The operating environment remains complex and volatile, but we are now beginning to realise the benefits of the tough decisions that we have made over the past 18 months," chief executive Alan Joyce said in a statement on Thursday.