Virgin Australia’s private equity owner, Bain Capital, has pulled out more than $1 billion from the airline since it rescued the carrier out of administration following its collapse in the COVID-19 pandemic.

Virgin said on Monday that earnings jumped 18 per cent in the 12 months to June 30, making it the second profitable year in a row after a decade of losses. But new accounts filed with the Australian Securities and Investments Commission show overall profits rose 300 per cent to $545.4 million after it banked $280.7 million in expiring flight credits.