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TD breaking news – Virgin loses $34.6 million in Q1

Result impacted by “subdued industry trading conditions”. 

Virgin Australia has just issued a trading update to the ASX, with a Statutory Loss After Tax of $34.6 million for the three months to 30 September 2016.

The Underlying Loss Before Tax was $3.6 million for the period, down $12.1 million on the prior corresponding period. Virgin said it had been impacted by subdued trading conditions during the quarter, “particularly in the domestic market”.

The statutory figure was further impacted by restructuring changes under Virgin’s Better Business program. The carrier said capacity was being actively managed in response to the trading environment.

During the quarter total Virgin Australia group revenue passenger numbers increased by 4.8% and the revenue load factor improved by 2 points on the prior corresponding period.

“The Group will continue to exercise disciplined capacity management in line with trading condtions,” the carrier said.

 

More details in today’s issue of Travel Daily.


The above Breaking News Alert was sent to Travel Daily subscribers on 02 Nov 16

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