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Virgin proifit result
Virgin Blue was not all hype and appeal today as it reported a 33.1 per cent fall in annual net profit. One day after unveiling the new loyalty programme Velocity, the carrier cautiously looked to the future.
“After 12 months of consolidation, including cost and productivity initiatives, withdrawal from unsustainable routes and investment in its business traveller strategy, Virgin Blue will continue to focus on improving the quality of its revenue streams,” Virgin Blue chief executive Brett Godfrey said.
“We are now well positioned to take advantage of the size, scale, and frequency achieved in our 2003-2004 expansion.
“In the last quarter of 2004-2005 we have brought to fruition a number of significant strategic projects, culminating in the launch of our long considered frequent flyer programme yesterday.
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“Looking forward to 2005-2006, our primary focus remains on continuing to develop opportunities in the Australian market, including strengthening our appeal to the business sector, further product innovations and strategic development of our network.”
Virgin Blue reported a net profit of $105.2 million for 2004/05, down from $157 million in the previous year.
The airline also declared a 25 cent final dividend.
Meanwhile, opinions were divided on the merits and appeal of the new loyalty programme with comments on frequent flyer chat-rooms questioning the cost of accumulating points and the lack of status levels available.
Many also expected Qantas to react quickly with increased avavilability of flights. Velocity’s advertising hit the TV screens in earnest last night and webpage pop-ups are appearing on major news sites from today.
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