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Virgin Australia sees profit plunge

February 26th, 2013

Feb. 26 – Virgin Australia has witnessed its first-half profit plummet by about 56 per cent compared with the same time frame last year.

Australia’s second-largest airline is blaming what it describes as difficult economic and operating conditions as well as the new carbon tax, which it says it was unable to recover due to strong competition in the marketplace.

As a measure of good news, profit before taxes came in at $61 million.

The airline’s shares fell more than 4 per cent to less than 42 cents.