Aircraft from Australia's second largest airline, Virgin Australia, sit on the tarmac at the domestic terminal of Sydney Airport in Australia, August 19, 2018.
REUTERS/David Gray/File Photo Acquire Licensing RightsOct 10 (Reuters) - Bain Capital-owned Virgin Australia said on Tuesday that the airline returned to a profit for the first time in 11 years for fiscal 2023, buoyed by a strong recovery in travel demand following the COVID-19 pandemic.
The carrier reported a statutory net profit after tax of A$129 million ($82.93 million) for the full year ended June 30, 2023, compared with a loss of A$565.5 million in 2022.
Virgin Australia now has a considerably stronger balance sheet with continued significant improvement in its cost base, CFO Race Strauss said in a statement on Tuesday.
Virgin was upbeat on its capital position, reporting total debt including leases of A$2.3 billion and over A$1 billion of cash on the balance sheet.
Persons:
David Gray, Bain, Race Strauss, Strauss, Roushni Nair, Nausheen, Rashmi
Organizations:
Virgin, Sydney Airport, REUTERS, Bain Capital, Virgin Australia, Australian Securities Exchange, Reuters, GQG Partners, Airlines, Thomson
Locations:
Australia's, Virgin Australia, Australia, Bengaluru