Chief Executive Officer Geoff Dixon said a new ownership structure for Qantas Frequent Flyer would be implemented by late 2008 if shareholders approved such a move.
In December, Qantas had raised its full-year pre-tax earnings forecast to 40 percent, from a 30 percent increase projected earlier, on the back of soaring appetite for air travel.
Earlier this month, Singapore Airlines beat expectations with a 51 percent rise in quarterly profit but warned of an uncertain outlook due to the turbulence on financial markets.
The International Air Transport Association (IATA) last month chopped its 2008 industry profit forecast by a third, warning that spiraling fuel costs and the impact of the global credit crunch would reverse expected growth.
Qantas shares are down 20 percent in 2008, compared with a 13.3 percent fall in the benchmark S&P/ASX 200 index. The shares have lost 28 percent from their life highs reached in December.
Last week, Australia and the United States agreed to open up trans-Pacific air routes between the two countries, which prompted Qantas to increase its flights.
While this route accounts for just 6 percent of Qantas' passengers, analysts estimate it accounts for up to 15 percent of its earnings before interest and tax.