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Virgin Profit Soars In 07 |
Virgin has posted a net profit increase for the 2007 financial year of 93% to $216 million, according to the airline's annual report released yesterday. Virgin carried over 15 million passengers during the 12 month period to 30 June, with a load factor of 81.2%. Virgin also incurred $23 million of pre-tax one-off expenses, with non-recurring items including preparations for the launch of new international carrier V Australia, and the purchase of 20 Embraer jets for its planned domestic growth. Virgin chairman Neil Chatfield, said the next 12 months will be a period of "steady expansion" for the airline group as its grows its Australian domestic network, enters the New Zealand domestic market for the first time, and launches V Australia. "The Company is now well placed and has again demonstrated a managed resilience among airlines which will place it in good stead to meet new competition and growth opportunities ahead," he said. Virgin's carbon emissions increased 2.1% during 2006/7 but Virgin said its efficiency has improved significantly with fuel consumption dropping 13% over the last five years. Meanwhile it was also revealed that Virgin Blue chief executive Brett Godfrey, received a 45% increase to his remuneration package in 2006/7 to just under $2 million, up from $1.37 million the previous year.
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