Virgin Australia posts narrower FY net loss

[BENGALURU] Virgin Australia Holdings Ltd on Thursday reported a smaller full-year net loss as the airline completed the first year of a three-year cost-cutting programme.

The statutory net loss after tax for the year to June 30 was A$185.8 million (S$199.91 million), compared with a net loss of A$224.7 million a year ago.

Virgin chief executive John Borghetti said the airline, partly owned by British entrepreneur Richard Branson, was ahead of schedule on its cost-cutting programme and was increasing its targeted savings by A$50 million to A$350 million a year.

REUTERS