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Virgin Australia Holdings Limited (ASX:VAH) expects to report a full-year loss of between $90 and $110 million amid difficult economic conditions and restructuring costs.
The airline says its performance for the 2013 financial year has been impacted by a number of factors, including a difficult economic and competitive environment, one-off pre-tax restructuring and transformation costs, as well as the carbon tax.
Virgin says it’s taken longer than usual to finalise revenue recognition during the second half of the 2013 financial year as a result of the company’s transition from a ticketless system to a new reservation platform.
The airline announced its pre-tax costs of the carbon tax for the full year are estimated to be between $45 and $50 million and are unable to be recovered.
Virgin Australia generated a net profit of $23 million for the first half of fiscal 2013.
