Virgin Australia Holdings Limited
(ASX:VAH) has more than doubled its first half net profit, jumping 118 per cent to $52 million in the half year ended on December 31, 2011.
The airline has also unveiled a restructure of its international operations in order to comply with the Air Navigation Act, which limits foreign ownership of Australian international airlines to 49 per cent.
CEO John Borghetti says Virgin’s interim results show its strategy of repositioning the business is having a material impact ahead of schedule.
On an underlying basis Virgin’s profit rose 34 per cent to $96.1 million, coming in ahead of market expectations.
A dividend has not been declared.
