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Tough conditions hit Virgin Australia’s earnings

February 6, 2017 Headline News No Comments Email Email

Challenging conditions in Australia’s domestic aviation market have pushed down second-quarter underlying earnings before taxes for Virgin Australia by 37%.

The airline reported an underlying profit before tax of AUD 45.9 million for the quarter ended 30 December 2016, compared with an underlying profit before tax of AUD 73 million a year earlier for the same period.

The advice, which came in a trading update to the Australian Stock Exchange, is a blow to the airline the second quarter is typically its most profitable period.

On a statutory basis, including restructuring charges associated with cost savings, Australia’s second-biggest airline reported a pre-tax profit of AUD 13.1 million.

Virgin will report first-half results later this month.

Written by William Sykes

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