Virgin Australia clocks first profit in 11 years as travel demand recovers


Aircraft from Australia's second largest airline, Virgin Australia, sit on the tarmac at the domestic terminal of Sydney Airport

Plane from Australia’s second largest airline, Virgin Australia, sit on the tarmac on the home terminal of Sydney Airport in Australia, August 19, 2018. Image taken August 19, 2018. REUTERS/David Grey/File Picture Acquire Licensing Rights

Oct 10 (Reuters) – Bain Capital-owned Virgin Australia stated on Tuesday that the airline returned to a revenue for the primary time in 11 years for fiscal 2023, buoyed by a robust restoration in journey demand following the COVID-19 pandemic.

The provider reported a statutory web revenue after tax of A$129 million ($82.93 million) for its monetary yr 2023, despite increased gasoline costs because it continued to see wholesome demand with capability returning to fascinating ranges.

Virgin Australia now has a significantly stronger stability sheet with continued important enchancment in its value base, CFO Race Strauss stated in a press release.

The corporate reported a gaggle income of A$5 billion, a rise of 124% from a yr earlier.

Airways globally have posted strong income in current months after flights returned to capability on surging post-pandemic journey demand after the trade slid to a close to halt when the unfold of COVID-19 stored most carriers inside closed borders in early 2020.

($1 = 1.5555 Australian {dollars})

Reporting by Roushni Nair and Nausheen Thusoo in Bengaluru; Enhancing by Rashmi Aich

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