Virgin Blue Holdings Limited has reported a net profit after tax of $62.5 million for the six months to 31 December 2009, compared to a loss of $101.4 million for the prior corresponding period.
Group revenue increased 12.2% from $1.35 billion in the previous equivalent reporting period to $1.51 billion for the six months to 31 December 2009, with Underlying Profit Before Tax of $75.6 million up 34% compared to the prior period.
Virgin Blue Airlines group chief executive Brett Godfrey said that while favourable fuel movement had certainly helped, he was proud of the entire Virgin Blue Airlines Group team for achieving a continued decrease in the Cost per Available Seat Kilometre, excluding fuel (CASK) of 4.5%, through cost saving initiatives and enhanced productivity across the network, during the toughest operating environment in the industry’s history.
“Any way you cut it, to continue to achieve cost reductions while we continue to grow our business and position it to rapidly and fully exploit any improvement in economic conditions demonstrates the remarkable commitment of each and every one of our team members and the resilience of our model,” Mr Godfrey said.
Mr Godfrey cautioned that the operating environment is still uncertain and that concerns remain around the pace of the global economic recovery and the continuing uncertainty in domestic and international markets.
“We have a seasonal business and our traditionally busiest part of the year is the December first half – that and ongoing strong price competition will likely see pressure maintained on yield improvement for the remainder of this year,” Mr Godfrey said.
“However, we do not intend to shy away from remaining competitive, and we plan to vigorously defend our core domestic markets. In that regard we are intending to secure additional short term domestic capacity and have reached an in-principle agreement with Boeing for an order of up to 50 aircraft. These aircraft will come equipped with the upgraded Boeing Sky Interiors as well as performance improvements that will deliver significant fuel and maintenance efficiencies.”
Operating performance - group
Production, as measured by Available Seat Kilometres (ASKs), increased by 24.7% to 16.4... Next Page
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