Australian flag carrier Qantas said on Tuesday it will split its international and domestic arms into separate businesses as part of a plan to transform the airline.

Each of the two entities, currently combined as Qantas Airways, will have its own chief executive and will report its financial results separately, effective from July.

The move follows an 83 percent slump in first-half net profit in the six months to December and an announcement Qantas would delay the delivery of two A380 superjumbos by three years as part of spending cuts.

The airline said the restructuring would "enable a greater focus on the priorities of turning around the Qantas international business and enhancing the strong Qantas domestic business".

Chief executive Alan Joyce remains in overall charge and said the transformation would strengthen the group and help it deliver its strategic goals.

"Formally separating the management of Qantas international and Qantas domestic will ensure that we can independently run each business according to its specific priorities and market conditions," he said.

"These measures give us the right structure to address the challenges and opportunities we face -- and the right people."