let's have a look,
Godfrey took what was essentially already a successful, growing and profitable business, and expanded internationally with V Australia at the worst possible time around the GFC. Essentially V Australia bled cash thus drove the whole company's performance down.
Now Borghetti is reinvigorating the company by splashing money left right and centre. It has already been confirmed they will lose money this year somewhere between 30 to 80m a year which is essentially the worst ever result in VBA's history.
Recent years of expansion have been extremely costly.
All the money spent need to be recovered somewhere. Until that time they will remain financially and capitally weak. This is not all bad news in the Flying Kangaroo. Even better news for the travelling public as this new competition will drive better product offering and Qantas will be forced to respond with something better than the crappy millenium seat and tired cabin.
Funny how people are singing praises for John. Make no mistake. He was every bit a bully in Dixon's gang of invinsible men. He will introduce the Qantas culture to Virgin Blue so better look out!