Virgin Australia to axe 750 jobs after posting another loss

August 28, 2019


Virgin Australia has announced it is cutting 750 jobs after posting a full year loss of $349 million. The loss compares to a $681 million loss last year. It’s the seventh straight loss for the airline.

The underlying loss before tax was $71.2 million. The loss has been put down to rising fuel and foreign exchange costs and subdued trading conditions in the last half of the financial year. It predicts fuel costs to increase by $100 million in the next year.

Virgin Australia has hedged more than 90% of the forecast 2019-2020 financial year fuel consumption and extended hedging into 2021. It will also cut 750 corporate and head office jobs and merge the backrooms of Virgin Australia, Virgin Australia Regional Airlines, and Tigerair while maintaining the distinct brands. It will also review all routes and cut capacity,

Fleet renewal has already been put on hold due to the 737 Max issues. No new aircraft are expected until July 2021.

The only division that improved it’s revenue was the Velocity Frequent Flyer program.

Major shareholders in Virgin Australia are Singapore Airlines, Etihad Airways, HNA, and Nashan with approximately 20% each, with Virgin Holdings holding 10%. 

Share on Facebook
Share on Twitter
Please reload

Crewroom Links
Follow "crewroom"
  • Facebook Social Icon
  • Instagram
  • Twitter Social Icon
  • YouTube Social  Icon
  • Google+ Social Icon

Latest News

Black boxes of downed Ukrainian Boeing 737 to be send to Ukraine

January 20, 2020

A330 and B737-800 came within 800 m during takeoff and go around at Sydney Airport

January 19, 2020

Airbus demonstrates first fully automatic vision-based take-off

January 18, 2020

Lufthansa Suspends Flights to Both Tehran and Through Iranian Airspace Until March 28 at the Earliest

January 18, 2020

Heathrow Airport has installed a system to block drones entering its airspace

January 16, 2020

Please reload

Welcome to crewroom

The Most Trusted Name In Aviation

Crewroom Magazine has affiliate partnerships so we may receive compensation for some links to products and services

Copyright Crewroom © 2017

Part of the CIBM Solutions Inc. Aviation News.
Powered by
Crewroom Magazine

Contact Us          Terms & Conditions          Privacy Policy