I'm still cautious with VAH. The latest numbers are still very...

I'm still cautious with VAH. The latest numbers are still very poor even though it was better than expected. In order to compare with Qantas, you need to distill Virgin's results. Taking away restructuring, tax and interest (Virgin still has a massive $1b debt), the numbers don't look good. Domestic EBIT is half of last year when Qantas is going from strength to strength. Virgin's cost base is too high and yields too low. Qantas knows this and is slowly and systematically squeezing Virgin from a position of strength even though publicly they are saying the capacity war has ended.

Who is the bad guy at Virgin that is going to take the knife to costs when the other John has left?