Virgin Australia profit surges
Virgin Australia has posted a strong rise in annual profit and set the scene for renewed hostilities with Qantas.
For the full year to June 30, Virgin recorded a net profit of AUD22.8 million, a 134% rise on the previous corresponding period.
Total revenue from ordinary activities jumped 19.7% to AUD3.91billion.
Qantas last week revealed an AUD244 million full-year loss,
Virgin said it expects to grow domestic capacity by eight to nine per cent during the first half of 2012-13.
Chief executive John Borghetti said the group’s progress in attracting corporate and government business had been a key driver of its improved profitability.
“This segment now makes up 20% of our domestic revenue,” he said.
Virgin Australia said its partnerships with international airlines such as Singapore Airlines, Air New Zealand and Delta Air Lines had resulted in interline and codeshare revenue more than doubling in 2011-12.
Ian Jarrett
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