Dark skies hang over Virgin Australia as losses mount
Dark skies hang over Virgin Australia as it announced its latest full year results – a $315m loss (2018/19). Australia’s 2nd biggest airline has now over the last 7 years a reported a combined total loss of $1.9 billion, with the latest results blamed on fuel and currency costs and low demand from travellers. Consequently, the airline has announced plans for job cuts of upto 750 (saving $75 million from its annual wage bill) and strong likelihood of axing unprofitable routes from its network.
Two key areas that the airline is likely to focus on is on its loss-making budget carrier Tigerair and its flights to Hong Kong where it has continuously lost money since its launch two years ago.
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