Virgin Australia expects to save $50 million on fuel costs this year
Virgin Australia boss John Borghetti expects low fuel prices to improve the bottom line by $50 million during the second half of the year.
Borghetti made the prediction as he announced an underlying pre-tax profit of $10.2 million.
Domestic routes had performed well, he said but losses on its international division widened further due to increased competition.
Virgin relies heavily on its three airline shareholders, Etihad Airways, Singapore Airlines and Air New Zealand for codesharing on their international routes.
"We had a domestic business that had a good outcome; we’ve got the highest cash balance we’ve ever had in our history; Tigerair has turned around in the last quarter and is progressing much better than anyone ever, ever expected,” said.
"Sure we’ve got a bit of an issue with international but let’s put things into context — it is the smallest part of our business and there’s a way forward there.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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