Virgin Group chairman Richard Branson is considering a flotation of his Australian low-cost carrier Virgin Blue before the end of this year. The move comes after the airline reported a pre-tax profit for the year to 31 March of A$158 million ($103 million) - treble the result of a year ago - and net profit up from A$35 million to A$110 million.
Plans for the float have yet to be finalised with Virgin Blue co-owner, Patrick Corporation, however, amid reports that managing director Chris Corrigan is now reluctant to give up 5% of Patrick's 50% stake in the airline, which was agreed when the logistics group bought half of the airline for A$260 million last year.
Source: Flight International