Virgin Australia Group updates coronavirus response, doubling capacity cuts

Virgin Australia announced (13-Mar-2020) the following group updates in response to coronavirus:

• Group capacity reduction increase from 3% to 6% in 2H2020, and increase to 7.7% in 1H2021;
• Domestic capacity reduction from 3% to 5% in 2H2020, and increase to 6.2% in 1H2021;
• International capacity reduction to increase from 4.8% to 8% in 2H2020, and increase to 10.3% in 1H2021;
• Temporary reduction in chairman and independent board director fees by 15%;
• Additional cost reduction measures, including the removal of business bonus', no base salary increases for non EA team members and leave initiatives;
• Earning guidance suspended due to uncertainty and the evolving nature of the coronavirus situation. [more - original PR]