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TD breaking news – Virgin Australia reports quarterly loss of $228 million

Carrier takes the impact of restructuring charges, but ‘underlying result” improves. 

Virgin Australia has just provided an update to the ASX, indicating a $210.6 million decline in profit for the three months to 30 Jun, giving a statutory loss after tax of $228.4 million.

The carrier said this was the result of previously announced restructuring charges as it simplifies its fleet, due to “efficiency activities and the Better Business program, which will deliver significant, sustainable savings going forward”.

For the full year the airline expects to report a statutory after-tax loss of $224.7 million, with an underlying profit before tax of $41 million, an improvement of $90.1 million on the 2014/15 financial year.

CEO John Borghetti said the Virgin Australia group had improved its underlying performance, passenger numbers and load factors in the fourth quarter in a challenging operating environment.

More details in today’s issue of Travel Daily.


The above Breaking News Alert was sent to Travel Daily subscribers on 28 Jul 16

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