Virgin Australia’s profit in freefall

 

Virgin Australia has posted a loss of AUD $83.7 million after tax, just as Virgin is grappling with Qantas for market share.

In the six months to December 2013, Virgin Australia has declined 463.9 per cent off the AUD $23 million high it posted in the first six months of 2013, the Australian reported.

Virgin’s total cash position was AUD $896.4 million, while its unrestricted cash position was AUD $665.4 million.

Virgin Group has declined to pay dividends to shareholders.

Virgin is also on track to improving its Frequent Flyer program.

“We continue to see growth across all key metrics and we are confident of achieving our target of 5 million members by the end of the 2015 financial year,” Virgin Australia chief executive officer, John Borghetti said.

Source = ETB News: T.N.
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