Back to black for Virgin Australia

Victoria
By Victoria August 30, 2012 23:12

Back to black for Virgin Australia

Virgin Australia has posted a net profit of $22.8 million after a 224% turnaround and a strong $149.1m rise in underlying pre-tax profit to $82.5m.

Chief executive John Borghetti was bullish about the future for the airline, which hhe says has reached a “strategic tipping point” with more stable revenues – some 20% – coming from government or corporate markets. He warned of the growing competition in the market however and the pressure on air fares. “I think it’s a difficult market to read at the moment,” he said. “The economic environment is a little fragile in terms of demand, and we can see that through the requirement of price stimulation in the leisure end.”

Domestic earnings before income and tax for the year were up $152m to $115.6m, while international EBIT rose $13m to $35.4m.

Victoria
By Victoria August 30, 2012 23:12
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