Another terrible result for Virgin Australia, which has just posted a $62.3 million loss for the third quarter – much worse than the same period last year (a mere loss of $18.6 million). So far Virgin’s lost $90.6 million in the nine months to the end of March while arch-rival Qantas made hundreds of millions in profit.

Ugly numbers and the reason is always the same: transformation costs. It’s the transformation that never ends and never stops losing money. And yet not a murmur of job insecurity surrounds CEO John Borghetti. But for how long? Eventually someone has to take responsibility for Virgin’s poor performance.

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