Virgin Australia nosedives into the red with $653m loss

Company News

by Anna Napoli

Virgin Australia (ASX:VAH) has reported a statutory loss after tax of $653 million for the 2018 financial year.

The company says the loss reflects $573 million in non-cash accounting adjustments and the impairment of Virgin
Australia’s international business assets.

Group revenue increased 7.4 per cent to just over $5 billion.

The airline company earnings (EBITDA) rose 26 per cent to just under $474 million.

No dividend was declared.

The company expects group revenue in the first quarter of the 2019 financial year to grow by at least 7 per cent on the prior corresponding quarter.

Shares in Virgin Australia (ASX:VAH) closed 4.2 per cent higher at $0.25 yesterday

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.