iscoverVirgin Australia has received a $336 million boost to its balance sheet after completing the partial sale of its Velocity Frequent Flyer program. The deal to sell a 35 per cent stake in Velocity to investment firm and fund manager Affinity Equity Partners that was announced in August has been concluded, Virgin said in a
Despite a strong improvement in on-time performance from Virgin Australia, Qantas and Regional Express (Rex) have maintained their position as the nation’s most punctual airlines. Figures from the Bureau of Infrastructure, Transport and Regional Economics (BITRE) showed Rex led all Australian airlines for on-time departures in September, with 90.4 per cent of its flights pushing
Virgin Australia says the takeover of Tigerair Australia will fast track the low-cost carrier’s path to profitability through international expansion and back room cost efficiencies. Australia’s second-largest carrier will pay A$1 to pick up the remaining 40 per cent of Tigerair that it does not already own from Singapore-based Tiger Airways Holdings. This content is
Virgin Australia says consumer conditions remain weak as the carrier reported a $59.1 million statutory net loss in the first quarter of 2014/15. The airline, which has moved to quarterly reporting of its financial performance, says the underlying loss before tax for the three months to September 30 2014 was $45 million, an improvement of
Virgin Australia’s newest Airbus A330-200 has entered revenue service, joining the carrier’s five other Airbus widebodies flying between Perth and Australia’s east coast capitals. The first commercial flight of VH-XFJ took off from Melbourne as VA693 at 1837 local time on Tuesday October 7, landing in Perth three hours and 59 minutes later, according to
Virgin Australia has moved a step closer to completing the partial sale of its Velocity frequent flyer program and boosting its balance sheet by $336 million after the Foreign Investment Review Board (FIRB) gave the deal the green light. FIRB had “no objections” to the proposed transaction, Virgin said in a statement on Thursday. This content
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