Virgin Australia Holdings Limited’s (ASX:VAH) New Zealand operation has reduced its losses.
The accounts filed with New Zealand’s corporate regulator show the subsidiary’s revenue fell to $NZ 276 million for the year from $NZ 281 million previously.
The operation stopped flying domestic routes in New Zealand due to heavy losses, focusing on the highly competitive trans-Tasman route.
Fairfax Media reports the airline is now banking on a revenue-sharing alliance with Air New Zealand to further reduce losses.
In the 2011 financial year Virgin booked a net loss of $67.8 million.
