crazydave98
Active Member
- Joined
- Oct 25, 2005
- Posts
- 602
Virgin Blue's only loss other than it's startup year was FY09 (aka the GFC which coincided with the launch of V Australia). Borghetti has made a loss every single year - except the year that Qantas was grounded.Were they? From memory, they were turning over significant losses. (mind you, my memory is not always accurate).
Here is the scorecard (you can verify easily if you are willing to trawl through the annual reports):
In 10 years from a standing start Godfrey accummulated $1.036b of profit (EBIT statutory measure, not "underlying") counting 2010 as Godfrey since he finished up in May.
In 6 years Borghetti has accumulated losses of $1.291b (same measure - statutory EBIT). At the same time he has tripled the invested capital and trashed the balance sheet.
So, no, your memory is not accurate on this occasion sorry. Seems the Virgin Board has the same problem. Christopher Luxon was the only one smart enough to see what was going on and call it as he saw it and vote with his feet.