Virgin swings to full-year loss
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Virgin Australia Holdings (VAH) has declined to provided financial guidance for the year ahead, saying the uncertain economic environment did not allow it to do so, after swinging to a full-year loss.
In the year to June 30, Virgin posted a net loss of $98.1 million, a steep decline on the $22.8 million profit recorded in the previous year.
The loss was in line with its guidance issued earlier in August for a net loss of between $95 million and $100 million.
In the same period revenue was $3.99 billion, a 1.9% increase on the $3.91 billion in 2012.
Virgin said a number of factors impacted its performance in fiscal 2013, including "difficult economic and competitive environment", significant one-off pre-tax restructuring and transformation costs and the carbon tax.
Virgin chief executive John Borghetti said the airline said it incurred $105.1 million of significant one-off pre-tax costs from its restructuring and transformation program.
"Other one-off restructuring and transformation costs include the restructure costs associated with the Skywest and Tigerair Australia transactions, the integration of Skywest and business transformation initiatives, totalling $17.3 million," Mr Borghetti said.
"The business also incurred $6.3 million of costs associated with accelerated depreciation on legacy assets."
The group declined to pay a final dividend.
In a separate release, Virgin said it had secured commitments for new unsecured term loan facilities from its major shareholders Air New Zealand, Etihad Airways and Singapore Airlines, as part of a program to further supplement and diversify its liquidity position.
"The facilities are for an aggregate amount of $90 million with pro rata contributions from each shareholder based on their current relevant interest," Virgin said.
Mr Borghetti was reticent to offer much guidance for the year ahead, saying only: “the 2014 financial year represents the fourth year of our five-year Game Change Program strategy in which we will focus on consolidating our market positioning in order to drive earnings growth."
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