Qantas Airways posted a 17.2 percent slip in annual net profit of Aus$852 million (US$673 million) Friday after record results last year, with the Australian carrier also announcing a share buyback.

The airline's underlying profit before tax, its preferred measure, was the second-highest in its history at Aus$1.4 billion in the year to June 30.

The results, which followed a record net profit in the previous financial year, came after the completion of an aggressive three-year restructuring process that saw it slash jobs and reduce its aircraft fleet.