Virgin Blue profit up almost 13 per cent

SYDNEY - Virgin Blue, Australia's second-biggest airline, said nine-month profit rose 12.8 per cent as it carried more passengers on a higher average fare.

Net profit for the nine months ended June 30 climbed to A$84.5 million ($102 million). The carrier has changed its year-end accounting period to June 30 from September 30 after Toll Holdings Ltd bought majority owner Patrick Corp.

Toll, Australia's largest transport company, in May took control of the country's biggest ports operator, Patrick, which had owned 62.4 per cent of Virgin Blue Holdings Ltd., after a sweetened offer above A$6 billion for Patrick won support.

Virgin Blue's main competitor, Qantas Airways, Australia's biggest airline, last week posted a 30 per cent fall in annual profit to A$479.5 million on higher fuel and redundancy costs, and said it planned to cut more jobs to lower fixed costs.

Shares in Virgin Blue, in which Richard Branson's Virgin Group owns 25.6 per cent, fell 4.4 per cent over the January-June second half on concerns over soaring fuel prices.

- REUTERS