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Virgin Australia forecasts swift recovery after US$55 million loss in fiscal 2020-2021
December 2nd 2021
Virgin Australia (VA) has posted an underlying loss of A$76.8 million (US$55 million) in 2020-2021 as it was battered by COVID-19. Read More » Passenger revenues slumped 70%, in 2020, to A$983.3 million in the year ending June 30. The loss came despite a government infusion from an Australian job support program, JobKeeper, of more than A$205 million, according to accounts filed with the Australian Securities and Investments Commission and reported in Australian media. Virgin Group CEO, Jayne Hrdlicka said in a statement lodged with the accounts and made before the arrival in Australia of the Omicron coronavirus variant that it remained unclear what the ongoing impact COVID-19 would have. However, she said the group was anticipating “a swift and significant ramp up in travel demand” as border restrictions eased. “The group will adjust capacity in the market back up to meet this demand and is well positioned to do so. International flying continues to remain part of the group’s strategy, with international flights scheduled from December 2021 in line with reopening roadmaps announced by respective state and federal Australian governments. ”Australia has delayed reopening its international borders as a result of the Omicron variant.
