Virgin Blue moving back to profitability in 2010
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Operations now generating more cash Virgin Blue Chief Executive Brett Godfrey told the company’s annual meeting that the business was performing better than it was earlier this year, with improving demand, particularly for short-haul international and domestic routes. The Australian reported Godfrey saying that the cash position of the business, listed as AU$777 million (US$705 million) at October 31, remained strong and operations would generate more cash this year. Management was more confident than it was when it predicted last August that the business would just break even in this financial year, and they now believed it would move to profitability in 2010.
“We are currently profitable again,” Mr. Godfrey told the airline’s annual meeting in Brisbane. “And we expect that if the market does nothing other than stay where it is we’ll be able to maintain that guidance through to June 30.”
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