Qantas tipped to return $2.4b

** FILE ** A Tuesday, July 24, 2007 file photo of the tail of a Qantas Boeing 767 in Sydney. Qantas announced they are closing their Maintenance Facility at Avalon, Melbourne, Friday, Nov. 8, 2013. (AAP Image/Paul Miller) NO ARCHIVING

Qantas could return more than $2 billion to shareholders and produce a record profit this financial year, a Deutsche Bank analyst says.

Qantas said in August when it announced its return to profit that shareholders would receive a $505 million windfall through a 23 cent per share cash distribution.

But Deutsche Bank research analyst Cameron McDonald estimates that the airline has about $2.4 billion in surplus cash and will return the equivalent of up to 50 cents a share in the first half of this financial year and up to 70 cents at the full year results in August 2016.

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