Virgin Blue profits take off

Virgin Blue, the no-frills budget airline introduced to Australia in 2000 by Richard Branson, posted a 47% jump in annual net profit today, beating analyst forecasts.

The airline announced a net profit of €94.2m for the year to March 31, exceeding its earlier forecast of €129.5m.

Total revenue grew 49% to €812.3m, the company said in Sydney.

Branson has a 25.1% share in the carrier, which listed on the Australian Stock Exchange in December.

The airline said it plans to add five new aircraft to its fleet this year, while exploring opportunities outside Australia and the region.