Virgin Australia is set to return a profit this financial year just two years since it exited voluntary administration.
Virgin chief executive Jayne Hrdlicka said the airline’s restructuring combined with a strong rebound in travel has resulted in a “strong balance sheet”.
“We have a strong balance sheet, some of the best management in the industry working on our ongoing business transformation, and we’re well advanced in returning to profitability this financial year,” she said.
“Confidence in our business strength and operation is at an all-time high.”
Last financial year the carrier reported an underlying loss of $386.7 million. This year Virgin has removed $300 million worth of costs and re-contracted more than 450 corporate accounts.
“We’ve only just touched the tip of the iceberg in what’s possible and there’s so much energy right across Virgin Australia to make sure we are doing our best to leave a positive difference every time our guests fly with us,” Hrdlicka said.