Virgin scores with $55.3m profit
Virgin Australia Holdings Limited (Virgin Australia Group) has today reported an Underlying Profit Before Tax of $55.3 million for the second quarter of the 2015 financial year.
The report marks a $47.6 million improvement over the prior corresponding period.
For the financial year-to-date, which capped on December 31 2014, the Underlying Profit Before Tax equates to $10.3 million.
Second quarter Group Yield, Domestic Yield and Group Revenue Load Factors for the Virgin Australia Group were positive overall, compared to the same period in 2014.
During the quarter, the Group ran into restructuring and transaction costs, with the impact of ineffective hedges totalling $33.5 million.
And while the Underlying Cost per Available Seat Kilometre, excluding fuel and the impact of Tigerair Australia, declined on the same period last year, the Virgin Group saw a small benefit of around $7 million from falling fuel prices in the second quarter compared to the previous year.
Virgin Australia Group’s chief financial officer Sankar Narayan said the results represent continued turnaround compared to the previous year.
“We are delivering on our plan to maintain our cost advantage through the disciplined execution of our cost reduction program, while continuing to drive revenue growth from the Corporate, Government and Charter market segments,” Narayan said.
“These cost reduction benefits are being realised while we continue to improve the customer experience.
“We are seeing some improvement in domestic trading conditions compared to the first quarter; however consumer sentiment has been relatively weak and international yield recovery has been constrained by our continued pressure in the South East Asian and Europe/United Kingdom markets.”
The airline has also successfully taken over 100% of Tigerair Australia, with the remaining 40% of the deal closing today.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
Second Quarter Profit tigerair australia Virgin Australia Group Virgin Australia Holdings LimitedLatest News
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