Virgin Australia reports strong 1HFY2012 results, expects improved FY2012

Virgin Australia revenue up 18% - financial highlights for six months ended 31-Dec-2011:

• Total revenue: USD2133.5 million, +18% year-on-year;
• Total operating costs: USD2019 million, +18%;
  • Fuel: USD565.3 million, +23%;
  • Labour: USD456.4 million, +18%;
• Underlying EBIT: USD135.6 million, +32%;
  • Domestic: USD98.3 million, +29%;
  • International: USD37.3 million, +39%;
• Profit before tax: USD82.2 million, +110%;
• Net profit: USD55.1 million, +118%;
• Passenger traffic (RPKs): +6.2%;
• Passenger load factor: 81.0%, +0.7 ppt;
• Yield: +11.5%;
  • Domestic: +13.7%;
• Underlying cost per ASK excl fuel: USD 7.29 cents, +4.7%;
• Total assets: USD4264 million, +5% when compared to period ended 30-Jun-2011;
• Cash and cash equivalents: USD905.3 million, +16.4% when compared to period ended 30-Jun-2011;
• Total liabilities: USD3233 million, +4.8% when compared to period ended 30-Jun-2011. [more - original PR] [more - CAPA Analysis]

*Based on the conversion rate at USD1 = AUD0.940417

Virgin Australia: "Virgin Australia has delivered a strong underlying result for the first half of the year. We expect an improvement in underlying performance for the full year in comparison with Financial Year 2011. The consistent yield improvement we have seen year-to-date has continued into January. However, we are unable to provide specific guidance at this stage, due to the uncertain economic environment," John Borghetti, CEO. Source: Company statement, 23-Feb-2012.