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Virgin Blue Holdings Limited Interim Results
Virgin Blue Holdings Limited today announced a net profit after tax of $68.2 million for the half-year ended 31 March, 2006.
This reperesents an 8.5% decrease over the corresponding period last year, down from $74.5 million.
Virgin Blue Chief Executive Brett Godfrey said that fuel had continued to be a challenge for the airline, and described the result as “an encouraging performance based on efficiency gains and strong passenger growth.”
“The first half has been a period of investment in new products under our corporate business strategy together with a 4% increase in production, which have contributed to a 6.1% improvement in revenue mitigating a fuel bill which increased over $49 million compared to the previous period,” he said.
“In addition, the last six months have included two extraordinary factors when compared to the previous year- a $10 million one-off launch cost associated with Velocity, and the key Easter period, which last year fell in March, and in 2006 fell in April,“ he concluded.
Virgin Blue said the fuel price per barrel increased 33.7 per cent during the period and will remain a challenge over the medium term.
But the airline added that it is now better positioned to counter current fuel price levels, due to recent initiatives such as its Velocity loyalty program and the fact that capacity in the national domestic market is currently in line with historic long term demand levels.
Graham Muldoon
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