Virgin Australia reversed a prior-year loss by producing an underlying profit before tax of A$82.5 million (US$83.8 million) for its fiscal year

ending June 30. "Our progress in attracting higher-yielding corporate and government customers has been a key driver of our improved profitability," according to Virgin Australia Group CEO John Borghetti. "This segment now makes up 20 percent of our domestic revenue and, encouragingly, over the last three months we have averaged above this level. Importantly, reaching the 20 percent target is a tipping point which we believe effectively creates a new competitive norm."