Virgin Australia not expecting Tigerair Australia profitable until FY2017 following USD42m loss

Virgin Australia CEO John Borghetti, speaking on the release of its FY2014 results, said (29-Aug-2014) Tigerair Australia's equity-accounted loss of AUD46.1 million (USD42 million) during FY2014 "needs to be viewed in the context of overall industry performance and weak consumer sentiment." Mr Borghetti said Virgin Australia has worked to overhaul revenue and accounting systems, develop the management team, improve asset utilisation and enhance the operation platform of Tigerair, adding it is "now well positioned to benefit from a recovery in the domestic market when conditions improve." Mr Borghetti said he expects Tigerair Australia to achieve profitability during FY2017. Virgin Australia owns 60% of Tigerair Australia.