News
Virgin Australia reveals US$380.9 million annual loss; predicts fiscal 2022-2023 profit
September 15th 2022
Virgin Australia (VA) has posted a net loss of A$565.5 million (US$380.9 million) for the 12 months to June 30 compared with a net profit of A$3.7 billion in the previous year, local media has reported, citing the company's financial accounts lodged with the Australian Securities and Investments Commission (ASIC). Read More » The positive year ago result was boosted by a one-off A$4.4 billion write-off following the airline's sale to Bain Capital. VA reported revenue rose 45%, to A$2.2 billion in 2021-2022. Earlier this week, VA CEO, Jayne Hrdlicka, told reporters the company is forecasting a profit for the 2022/2023 financial year as it expanded business and worked to lower unit costs. “We are nowhere near finished taking costs out of the business,” Hrdlicka said, according to media reports. “We are exactly where we want to be in terms of a unit cost competitive position in the market, but we know we have to continue taking costs out because inflation is coming at us faster than we can bail out the water.”
