Here are several factors that have turned around the airline's fortunes: The net result is that last financial year, Qantas was able to turn a 3% increase in revenue to a $1.6 billion turnaround in underlying profit before tax – from a $646 million loss to a $975 million profit. The airline even resumed dividend payments and implemented a capital return to shareholders – worth around 23 cents per share. Foolish takeaway With the $2 billion transformation program still underway, Qantas' financial results are likely to improve further, and it is still benefitting from lower depreciation charges. International competitor capacity growth has slowed, and an influx of inbound tourists – thanks to the lower Australian dollar – is a positive sign for the group's domestic operations. In fact, analysts have pencilled in an almost doubling of net profit in the 2016 financial year, suggesting the share price might have a bit further to run.