Virgin Australia posts "strong increase" in 1H profit, internal memo shows [Yahoo! Finance]
ASX LTD UNSP/ADR (ASXFY)
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Source: Yahoo! Finance
year, reflecting a "strong increase" from last year, according to an internal memo seen by Reuters. The carrier reported interim revenue of A$2.8 billion, citing a robust recovery in travel demand and an increase in profit margins to 8.5% in the six months ended December from 5% a year earlier. U.S. private equity firm Bain Capital had aimed for a A$1 billion listing of Virgin on the Australian Securities Exchange, but the plans faced delays, Reuters reported last year. The firm also cautioned of mounting challenges in the market ahead, while its larger rival Qantas posted a nearly 13% decline in first-half profit in February. "The second half of the financial year will be tough with aggressive market pricing and strong capacity growth and we need to stay focussed on the execution of our plans," CEO Jayne Hrdlicka said in the memo. Hrdlicka had a few weeks ago announced her decision to step down as chief later this year. Hrdlicka, who also serves as the chairman and board pr
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