Virgin Australia posts full-year loss
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Virgin Australia has posted a AU$67 million (US$70.3 million) loss for the full fiscal year 2010-11. The result compares to AU$22 million profit recorded in the previous year, and came despite a 9.7% rise in revenues, which totalled AU$3.27 billion. Passenger traffic increased 10.0% in revenue passenger kilometer (RPK) terms, with load factors averaging 79.7% – marginally down from 2009-10.
The airline said the adverse result was partially the result of a AU$36 million foreign exchange loss due to the rising Australian dollar, while the Queensland floods and New Zealand earthquake were also cited as factors.
John Borghetti, Chief Executive Officer of Virgin Australia said; “Financial year 2011 was a year of enormous challenge and significant change as we began repositioning the company to ensure a more stable financial future. Today’s financial results reflect the impact of an unprecedented series of external events.”
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