The coal seam gas (CSG) producer reported a turnaround in net profit to $244.57 million for the year to June 30 compared with a loss of $12.2 million for prior financial year.
The pre-tax result was boosted by a one-off gain of $30.5 million from the sale of tenements and related assets to UK-based BG Group, QGC's partner in a project to export liquefied natural gas (LNG) from a proposed plant near Gladstone, Queensland.
QGC's underlying profit was $18.2 million compared to a loss of $6 million in 2006/07.
The company did not declare a dividend.
Managing director Richard Cottee said the outlook for 2008/09 was excellent as QGC had increased its production capacity and broadened its exploration and development footprint in the Surat Basin in central Qld.
Cottee said the company had high expectations for its reserves, production capacity, infrastructure and power station development for the next 12 months and beyond.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the year leapt 543 per cent from $4.9 million to $31.5 million.
Revenue rose 135 per cent from $34.4 million to $81.1 million.
Gas sales revenue more than doubled to $55.1 million from sales of 22.1 petajoules (PJ), up from $27 million and 11.5 PJ in the previous year.
The increase in gas sales revenue was due partly to QGC taking advantage of a strengthening gas price on the spot market.
"We have enjoyed a year of remarkable growth across every measure at a time when domestic and international demand for cleaner sources of energy is driving massive investment in the sector," Cottee said on Thursday.
Chief financial officer Ian Davies said the company had more than $700 million of cash at the end of June to pursue its vertical integration strategy to supply a cleaner fuel for QGC-owned gas-fired power stations in Australia and for the project with BG Group.
BG Group, which seeks to further increase its footprint in Australia through a hostile $13.8 billion takeover offer for Origin Energy Ltd, holds a 9.9 per cent stake in QGC, 20 per cent of its acreage and an offtake agreement for LNG produced at the proposed Curtis Island plant near Gladstone.
BG Group says acquiring Origin will complement its joint venture with QGC, and proposes to export CSG from Origin's acreage as LNG through the Curtis Island plant.
Austock Securities analyst Simon Oaten said QGC would benefit from BG Group's play for Origin, regardless of the outcome.
If a sweetened bid was successful, Origin's gas reserves would boost BG Group' reserves, strengthening the joint venture with QGC.
If the bid fails, gas supply from QGC would be critical to BG Group.
Cottee said the alliance with BG Group had given QGC "undoubted expertise" and a pathway to the market.
QGC is proceeding with an $830 million merger with Sunshine Gas Ltd, the proponent of a rival LNG development at Gladstone in cooperation with Japan's Sojitz Corp.
Cottee said he would meet with Sojitz next week in a bid to continue the alliance.
He said transactions with Roma Petroleum NL, which it controls, and Sunshine Gas gave QGC "effective mass" to be able to compete in a competitive domestic gas market.
Cottee said domestic gas demand would treble in the next 10 years.
QGC will extend its $47 million takeover offer for Roma Petroleum for a fortnight, aiming for full ownership.
QGC's offer was set to close on Thursday but will be extended to September 11.
It gained control of Roma last month and on Wednesday had a 78.03 per cent stake.
