=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SFGate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2004/05/17/f= inancial0828EDT0010.DTL --------------------------------------------------------------------- Monday, May 17, 2004 (AP) Virgin Blue reports 47 percent jump in annual net profit (05-17) 05:28 PDT SYDNEY, Australia (AP) -- Virgin Blue, the no-frills budget airline introduced to Australia in 2000 by British airline tycoon Richard Branson, posted a 47 percent jump in annual net profit Monday, . The airline announced a net profit of 158.5 million Australian dollars ($109 million) for the year to March 31, exceeding its earlier forecast of A$150 million. Revenues grew 49 percent to A$1.36 billion ($940 million). Total costs for the year were A$1.14 billion (US$790 million), up 49 per cent. Branson still maintains a 25.1 percent 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 yea= r, while exploring opportunities outside Australia and the region. "With a population of not much more than 25 million, Australia and the Pacific region does not have the market potential offered by the North American, European and Asian markets," Virgin chief executive Brett Godfrey said in a statement. Australia's domestic airline industry has become increasingly competitive Godfrey said, with national carrier Qantas launching its own budget airline, Jetstar, later this month to directly challenge Virgin Blue. In March, Virgin controlled just over 33 percent of the Australian domestic market, the company said. Virgin Blue last week announced a fuel surcharge to cover the increased cost to the business from rising fuel prices, which will come into effect Tuesday. ---------------------------------------------------------------------- Copyright 2004 AP