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Airline startup will not be profitable in the initial years of operation due to competition and the high cost associated with the industry.

A good starting point to profitability is actually a positive cashflow.

Virgin was almost 'killed' by Qantas last few years because of the 'pumping' of capacity in the domestic market. Since they already stopped this practice, it may an opportunity for Virgin to turn around and build on the business.

Again, I may be wrong..

Cheers