Next year the airline plans to operate non-stop between Perth and London. Both aircraft are powered by GE9X engines and will be Boeing's first commercial airliner to feature touchscreen displays in the cockpit.
Budget airline Jetstar posted its second-highest profit in its 13 years of operation, although earnings also fell from 2016, by 8 per cent to $417 million.
Qantas CEO Alan Joyce has previously described a non-stop flight from Australia to NY as the airline's "holy grail".
Qantas is looking toward such a service by 2022, assuming it succeeds in persuading the two big planemakers to come up with a version of their airliners which could do the route with more than a token number of passengers.
It posted an Underlying EBIT of $327 million, its second highest result but a fall of $185 million on previous year.
The company declared a final dividend of 7 Australian cents per share, to be paid on October 13 with a record date of September 11. "We believe that advances on the next few years will close the gap", he added.
"Today's announcements show this plan has well and truly paid off", chief executive Alan Joyce said.
Another $470 million in transformation benefits were delivered, completing the three year program and outperforming the $2 billion target by $125 million.
Qantas profit falls, Jetstar solid
"We tackled some hard structural issues, became a lot more efficient and kept improving customer service".
As its worldwide rivals added additional flights, Qantas' earnings from its global flights dropped by 36%.
Qantas also announced a A$373m on-market share buyback and declared a dividend of 7c a share.
Qantas expects the new nonstop flights to take 20 hours and 20 minutes from Sydney to London, and 18 hours and seven minutes from Sydney to NY.
"Use them", Leeham Co analyst Bjorn Fehrm said in a note to clients speculating about a 10,000-nautical-mile polar route in June, Reuters noted.
Shares in Qantas rose 3.10 percent to Aus$5.98 in Sydney on Friday.
"I'm pleased to announce that Qantas will challenge Boeing and Airbus to deliver an aircraft capable of flying regular direct services like Sydney-London, Brisbane-Paris and Melbourne-New York nonstop with a full payload by 2022", said Joyce.
"We operate in a very competitive environment, so continuous improvement is crucial".