Virgin Australia will cut 750 jobs after a huge loss of $ 315 million
Virgin Australia Holdings will cut 750 jobs after losing $ 315 million after tax this year.
The company fell to an annual underlying loss because higher fuel costs and a weaker currency weighed the country's second largest airline.
It reported an underlying loss before tax, the most meticulous measure, of A $ 71.2 million for the year ending June 30, compared to a profit of A $ 64.4 million last year.
Virgin issued guidelines for an underlying pre-tax loss of at least $ 35.6 million in May.
The company also said it aims to reduce 750 corporate and head office roles.
By the end of the fiscal year 2020, the company expects a cost saving of $ 75 million.
Chief executive Paul Scurrah blamed & # 39; moderate trading conditions in the second half of the year in combination with fuel and exchange rate winds and increased operating costs. & # 39;
Virgin Australia will cut 750 jobs after losing $ 315 million this year
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