Virgin Blue is set to overhaul its operations in a bid to re-establish the airline as a corporate-focused airline and double its share in the domestic corporate market share.

Virgin Blue's new chief executive John Borghetti told analysts from Macquarie Equities Research that he wanted to boost Virgin's domestic corporate market share to at least 15 per cent over the next 12 to 24 months.

The news came a week after Virgin Blue cut down profit guidance for the full year by up to 75 per cent, citing deteriorating demand and a slump in consumer confidence.

Media reports say the overhaul includes dropping international and domestic routes and reassessing brand names. There are reports that Borghetti hinted at changes that would upgrade premium economy service, refurbish lounges, and improve services on the ground and in the air.

Analysts speculated that leisure routes, such as Fiji and Phuket, were likely to be axed in favour of boosting US services. Also, it is believed that the airline company is pushing to bring its four brands under one umbrella.

Virgin Blue's long-standing agreement with Singapore Airlines has prevented the carrier from using the Virgin name for international flights. The airline flies under the name Virgin Blue within Australia, Pacific Blue in New Zealand, Polynesian Blue across Samoa, and V Australia for U.S. flights.

Virgin now expects to post a net profit before tax and exceptional items of $20 million to $40 million for the 2010 financial year, down from a previous estimate of $80 million.