Virgin Australia credits business travelers for its return to profitability
The airline derives over 20 percent of its revenue from business travel and has profited from partnerships with international airlines, as well as co-booking flights with other companies.
Excerpt from Associated Press via MSN
Virgin Australia Holdings Ltd., the nation’s second-largest airline, says it returned to profitability in the last fiscal year due to growth in the corporate travel sector.
The budget airline’s net profit of 22.8 million Australian dollars ($23.6 million) posted Tuesday for the year to June 30 reversed a loss of AU$67.8 million in the previous 12 months.
Australia’s largest airline, Qantas Airways Ltd., last week reported a AU$245 million annual loss in profits, hurt by rising fuel prices, a series of strikes that temporarily grounded its fleet and its struggling international division.