Virgin has reported underlying profits of $129.1 million and a 124 per cent improvement in revenue to $5 billion.
Virgin Australia has reported profits of $129.1 million for the 2023 financial year, its first profit in 11 years as demand for travel soared and passengers returned to the skies, driving up airfares.
The recovery in revenue was predominantly driven by “record” demand from leisure travellers as well as business travellers of small-medium businesses, while corporate travellers returned at a slower rate. The airline has been eager to position itself as a ‘value’ carrier, sitting in between the premium and the budget ends of the market.
Virgin customers are sitting on approximately $114 million in unused COVID credits that will expire on June 30, 2025.Qantas, which reported a record $2.5 billionThe aviation industry has faced heightened scrutiny over the past year amid persistently high airfares and cost-of-living concerns.
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