Virgin Blue has begun a further overhaul of its international network which will see its fledging long-haul offshoot, V Australia, fly to Abu Dhabi in the Middle East but ditch loss-making flights to South Africa.The airline today posted a $21 million net profit for the year to June, compared with a loss of $160 million a year earlier. Revenue rose 13 per cent to $2.98 billion.Virgin Blue’s underlying pre-tax profit was $31 million, which was in line with market expectations. Shares in the airline were up as much as 2 cents, or 7.1 per cent, to 30 cents in early trading.However, Virgin Blue warned that trading conditions were still volatile and strong competition between airlines was continuing to put pressure on yields. Unveiling the second phase of its network review, Virgin Blue signed a codeshare and interline agreement with Middle Eastern airline Etihad which will result in V Australia aircraft flying directly between Australia and Abu Dhabi from next year. T