Japan Airlines (JAL), which went bankrupt two years ago, has posted an annual net profit of 186.6bn yen ($2.3bn; £1.5bn) thanks to cost cuts.
Revenue for the year to 31 March 2012 amounted to 1.2 trillion yen, the company said.
A strong currency also boosted business as more Japanese people travelled overseas, it added.
JAL filed for bankruptcy in 2010 with more than $25bn of debt and required a government-backed bailout.
It was one of Japan's biggest corporate failures.
Under the leadership of Kazuo Inamori, it de-listed from the stock market and cut costs, shedding about a third of its workforce, trimming employee benefits and reducing its number of routes.
It came out of bankruptcy last year.
In January the company said it was planning to relist its shares on the Tokyo Stock Exchange as the next step in its recovery. The share sale would help the government recoup its investment.
The carrier predicts net profit of 130bn yen for the current fiscal year.
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