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,