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Virgin Australia lands first quarter profit

Borghetti says airline group is delivering a “significant turnaround”

Virgin Australia says it is on track for a full year profit in 2015/16 after improved yields and lower costs moved the airline back into the black during the first quarter of the current financial year.

The company on November 5 reported statutory net profit after tax for the three months to September 30 2015 of $1. 7 million, bouncing back into profitability following a $59. 1 million statutory loss in the prior corresponding period.