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Virgin Australia announces first annual profit in eleven years
October 11th 2023
Virgin Australia (VA) recorded an A$129 million (US$83 million) profit for the 12 months to June 30 against a net loss of A$565.5 million in its previous fiscal year. Read More » Revenue increased 124%, to A$5 billion, from strong demand and higher airfares, VA said. “Our results signal the transformation of Virgin Australia is progressing well,” VA CEO, Jayne Hrdlicka, said. “By creating a systemically lower cost base, a conservative balance sheet and investing heavily in technology and our frontline, we are well positioned for the future.” VA CFO, Race Strauss, said the company had debt, including leases, of A$2.3 billion and more than A$1 billion in cash on its balance sheet “providing a platform for future investment in transformation and growth”.
