If you care to look at the more reputable of financial reports, you will see that much of the quarters loss was due to costs of the restructure. You may care to note that even QF has taken a hit in the last quarter with a reduction in revenue
The problem is that when you remove the restructure costs it was still a loss, and the only mitigator is subdued conditions! QF also contended with subdued conditions and made a healthy profit. Why isn't Virgin able to run at an underlying profit when most metrics are quite favourable? Profits in JB's world always seem to be just that tiny bit further down the road; at the end of the rainbow perhaps.
Heaven forbid a real financial challenge the like of SARS or the GFC!
The simple facts are that Virgin is still reliant on increased debt and capital raising to remain solvent. Until that changes and he can reduce debt from cashflow rather than increased debt and equity dilution, Virgin has to be considered to be on life support.