Virgin Australia Holdings profits decline in 1HFY2017, international market improves

Virgin Australia Holdings revenue down 1% - financial highlights for the six months ended 31-Dec-2016:

• Revenue: AUD2634 million (USD1984 million), -0.9% year-on-year;
• • Passenger: AUD2224 million (USD1676 million), -0.4%;
  • Other ancillary: AUAD385.6 million (USD290.5 million), -3.4%;
• Operating costs: AUD2597 million (USD1956 million), +1.2%;
• • Labour: AUD595.2 million (USD448.4 million), -0.3%;
  • Fuel: AUD448.9 million (USD338.2 million), -20.0%;
• Operating profit: AUD38.5 million (USD29.0 million), -58.6%;
• Segment EBIT: AUD127.7 million (USD96.2 million), -20.9%;
• • Virgin Australia domestic: AUD80.0 million (USD60.3 million), -38.5%;
  • Virgin Australia international: AUD0.8 million (USD0.6 million), compared to a loss of AUD30.8 million (USD23.2 million) in p-c-p;
  • Velocity: AUD66.0 million (USD49.7 million), -6.8%;
  • Tigerair Australia: AUD6.2 million (USD4.7 million), -55.4%;
• Net profit (loss): (AUD21.5 million) (USD16.2 million), compared to a profit of AUD62.5 million (USD47.1 million) in p-c-p;
• Total assets: AUD6701 million (USD5049 million);
• Cash and cash equivalents: AUD1596 million (USD1202 million);
• Total liabilities: AUD4847 million (USD3652 million). [more - original PR]

*Based on the average conversion rate at AUD1 = USD0.753416

Virgin Australia Group: “Notwithstanding continued subdued trading conditions in the domestic market, the Group has strengthened its liquidity and cash position and is ahead of schedule in the implementation of the Better Business Program,” John Borghetti, CEO. Source: Company statement, 17-Feb-2017.