Virgin Australia quarterly statement looks good

Victoria
By Victoria February 23, 2012 15:43

Virgin Australia quarterly statement looks good


Virgin Australia today confirmed that net profit for the six months to December 31, 2011, came in at $51.8m, up 118% from $23.8m in the same period a year before. Virgin Australia chief executive John Borghetti stated that the impact Qantas’ grounding had on Virgin’s profit was in the low single digit millions. “The [Qantas] grounding was for only a very short period of time and while we did enjoy an uptick in our business, we have to continue to work hard to win lasting market share gains,” he said.

Virgin said underlying profit before tax – the airline’s preferred measure of financial performance – came in at $96.1m, up 34% from the prior corresponding period. The result was also above market expectations of $79.7m. Total revenue rose 18% to $2 billion. Citing the uncertain economic environment, Virgin said it was unable to offer specific earnings guidance for the full year, saying only it expected an improvement in underlying performance in 2011/12, compared with the prior year.

Virgin reported a full year loss of $67.8m in 2010/11.

Victoria
By Victoria February 23, 2012 15:43
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