Virgin Australia Holdings Limited
(ASX:VAH) has offloaded a 35 per cent stake in its frequent flyer program and announced its annual loss has widened.
Australia’s second largest carrier’s net loss fell to $355.6 million in the 2014 financial year, from a loss of $98 million the year before.
CEO John Borghetti says the company has significantly enhanced its strategic position over the last four years and is well placed to capitalise on market recovery.
Looking ahead Virgin has outlined a plan of initiatives that will see it deliver a sustainable, profitable business over the long term.
The airline has declined to pay a final dividend.
