Virgin Australia entered administration in 2020 after years of trying to shift itself from a low-cost carrier to a full-service offering capable of taking on Qantas.

It was eventually purchased by private equity firm Bain, which quickly replaced incumbent CEO Paul Scurrah with former Jetstar CEO Hrdlicka.

In the interview, in which she also poses for a fashion shoot, Hrdlicka said the airline was heading for bankruptcy even if COVID-19 hadn’t speeded up its demise.

“It was lucky for us that it was COVID,” she said. “It meant that the whole industry was quiet for a period, and so Virgin Australia could go through administration, could go through a very significant restructuring, and get back up on its feet before the music started again.”

She added she was determined to restore the company back to full health by the end of the crisis.

“And that meant all of our basic tools – the way we did things, supplier agreements, getting the experience right, pricing and revenue management – had to be completely redone.

“Every part of the business had to be taken apart and put back together again, and it had to be done before people started flying. We all felt a huge amount of pressure.”

The airline last year subsequently bounced back to real profitability for the first time in a decade.

It said it achieved its remarkable financial turnaround by removing $300 million worth of costs and re-contracting more than 450 corporate accounts.

Virgin then followed up its good result by reportedly generating $2.5 billion in revenue during the first half of the current financial year.

Chief executive Hrdlicka also said in a note to staff that the business expects a profit margin of “roughly 5 per cent” ahead of a likely relisting on the ASX.

“This is the first time in many years that Virgin has made a profit,” Hrdlicka wrote. “The results reflect the progress we have made in rebuilding the financial resilience that is so important to Virgin Australia’s long-term success.”