Qantas Airways Ltd. says its latest half-year profit has more than trebled to a record 688 million Australian dollars ($497 million) on the back of low fuel prices and a falling Australian dollar.

The Australian airline's net profit for the six months through December posted on Tuesday was up 239 percent on AU$203 million for the previous corresponding half year, boosted by the AU$448 million saved through hedging on lower fuel prices.

Qantas also approved a AU$500 million share buyback starting in March.

The Sydney-based company attributed AU$261 million in cost and revenue benefits to its ongoing restructuring.