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Virgin Australia back in the black
Virgin Australia posted an airline profit for the first time in over a decade.
It reported a statutory net profit of A$129 million for FY23.
It comes as owner Bain Capital is mulling a public offering for the business.
The listing could be worth about A$1 billion
Last year Virgin Australia posted a loss of A$565 million.
The turnaround airline profit was thanks to a doubling of revenue to A$4.3 billion on the back of a strong post-Covid recovery.
“Our balance sheet is now considerably stronger and the cost base of the business has significantly improved,” said CFO Race Strauss.
The airline’s Velocity loyalty program also performed well, with revenue up 68% to $330 million.
It now has a record 11.5 million members.
The financials marked ‘an important milestone’ CEO Jayne Hrdlicka said.
“It has been 11 years since Virgin Australia returned a profit, and our results signal that the transformation is progressing well.”
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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