Virgin Australia Holdings Limited (ASX: VAH)- Stock fell on $653.3 million loss

Virgin Australia Holdings Limited Stock fell on $653.3 million loss

Virgin Australia shares fell 4% to $0.240 on 29 August 2018 after the company announced statutory loss of $653.3 million for the year ended 30 June 2018, which is more than 200% of the loss reported last year.

However, group’s underlying profit before tax has increased by $113.3 million on FY17 to $109.6 million, delivering highest underlying profit since last ten years despite having fuel price pressure. Total group’s revenue has increased from $5,047.3 million to $5420.7 million in FY18 but losses continued to up-surge due to heavy non-cash adjustments and restricting charges.

The Virgin Australia (ASX: VAH) Domestic business recorded its highest EBITDA, EBIT and EBIT Margin results proceeded with negative earnings in international segment.

There has been record operating cash flow performance posting $570.4 million in net cash from operating activities, an improvement of 108.3% on FY17.

The flyer is set to expand its network between Australia and Hong Kong to improve links to Chinese mainland and secure more visitors. On FY19 outlook, the group is on track to deliver $400 million in annualized net Free Cash Flow savings by June 2019.

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No dividends were declared or paid during the year ended 30 June 2018.

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