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$7.1 Million Profit Share For Virgin Blue Airlines Team

21/08/2007

Virgin Blue Airlines has announced a profit share scheme for its 4000+ staff which will see team members of three airlines sharing in the success of the airline group’s annual results over the next three years.


Virgin Blue Holdings Limited today confirmed a record net profit after tax of $216 million for the year ended 30 June 2007, up 92.9% on the same period last year. The net profit after tax margin (NPAT) was 9.9%.


The strong result means every team member of Virgin Blue, Pacific Blue and Polynesian Blue Airlines (apart from the Senior Management Team) will receive a share in the profits in recognition of their contribution to the company's success.


Virgin Blue Co-founder and Chief Executive, Brett Godfrey, said, “The healthy profit results for Virgin Blue Holdings are directly attributable to the tremendous effort of each and every team member so it is entirely appropriate they share in the success of their airline.”


Staff will have their bonus paid directly in to their bank account next month.


The Virgin Blue Board had previously committed to a profit share scheme if the airline achieved an NPAT margin of 8.5% or more. The 2006-2007 9.9% NPAT result triggers a one-off payment to each eligible staff member of 3% of their own annual base salary.


Multi award winning airline Virgin Blue and international carriers Pacific Blue and Polynesian Blue currently operate a fleet of 53 modern Boeing 737 aircraft flying to 22 Australian and eight international destinations including New Zealand, Fiji, Samoa, Tonga, Vanuatu and the Cook Islands. Virgin Blue was the first airline in the world to launch a Government-certified carbon offset program, where Guests can offset the carbon emissions from their flights for as little as $1.