Virgin scores with $55.3m profit

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.

Latest News

  • News

Collette special offers across peak northern summer season

Global tour operator Collette has announced a series of special offers on selected dates across a range of tours in the peak northern hemisphere 2024 summer season. Greece The offers include ‘Greece & Its Islands’ features classics such as the Parthenon as well as the picturesque islands of Mykonos and Santorini. A saving of $700 […]

  • Aviation
  • News

Air India and All Nippon codeshare between the two countries

Air India and All Nippon Airways have signed a codeshare agreement connecting their networks. The new commercial partnership will provide more travel opportunities for customers of both India’s leading global airline and the largest Japan’s largest carrier. Effective from 23rd May, the Air India and All Nippon Airways agreement will see passengers fly to their […]

  • News

A&K offers minimum 18 weeks paid parental leave

A&K Travel Group will now provide a minimum of 18 weeks paid parental leave for both care-givers, setting a new standard for the travel industry. By providing 18 weeks of paid time off for all new parents, regardless of gender, A&K Travel Group is not only enabling parents to spend valuable time with their newborns […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]