“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,” Hrdlicka said.
. The results revealed Virgin’s operational loss ballooned to $386.7 million last financial year, compared with $76.8 million in 2021. Revenue increased by 45 per cent to $2.2 billion but failed to mitigate the company’s soaring expenses on fuel and staff which led to a statutory loss of $565.5 million. Hrdlicka framed the loss as a transition out of a tough period for the industry “into a period that looks pretty bright.” Analysts expect the company to go public at some point next year.
Following its restructure, the airline simplified its aircraft fleet to the single Boeing 737 fleet type. The carrier is awaiting an order of 25 Boeing 737-Max 10s and eight Boeing 737 Max-8s which will begin arriving in 2023. The new arrivals will grow Virgin’s total fleet-largely dominated by Boeing 737-800s- to 108 Boeing 737s.