Virgin Australia clocks first profit in 11 years
Virgin Australia said on Tuesday that the airline returned to a profit for the first time in 11 years for fiscal 2023, buoyed by a strong recovery in travel demand following the COVID-19 pandemic.
The carrier reported a statutory net profit after tax of A$129 million ($82.93 million) for the full year ended June 30, 2023, compared with a loss of A$565.5 million in 2022.
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Virgin Australia now has a considerably stronger balance sheet with continued significant improvement in its cost base, CFO Race Strauss said in a statement on Tuesday.
The group revenue more than doubled to A$5 billion, Reuters reported.
“Our balance sheet is now considerably stronger and the cost base of the business has significantly improved from recent years. Future transformation plans put us in a good position to manage cost headwinds and continue to improve our business,” Strauss added.
Plataforma Informativa de Aviación Comercial líder en América Latina.