Game on

The differing fortunes of Qantas and Virgin

The aviation and financial community knew what the results of the two major domestic carriers would be. But the stark reality of the numbers of one airline appearing to be in decline and the other on the rise was sobering nonetheless.

On one hand Qantas announced a statutory loss after tax of $244 million – its first loss since privatisation – but posted an underlying profit before tax of $95 million. On the other, Virgin Australia posted an underlying profit before tax of $82. 5 million, a turnaround of no less than $149 million on the previous year.