Virgin Australia recorded huge $3.1b loss in last financial year
Virgin Australia recorded a $3.1b loss during its last financial year before it was taken out of administration. The extraordinary loss for FY20 was 10 times higher than the previous year and was in part due to revenue falling 20% to $4b. The airline entered administration in April 2020 owning more than $7b and was subsequently bought by new owner Bain for $3.5b. Documents published with the Australian Securities and Investment Commission on Tuesday revealed the business had just $740m of cash to service over $5b of debt that was due within the next year. The $3.1b loss was the ninth negative return in a row. The airline also has $1.2b of debt currently that it carried into administration, though this is mostly in bank loans for aircraft.<br/>
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Virgin Australia recorded huge $3.1b loss in last financial year
Virgin Australia recorded a $3.1b loss during its last financial year before it was taken out of administration. The extraordinary loss for FY20 was 10 times higher than the previous year and was in part due to revenue falling 20% to $4b. The airline entered administration in April 2020 owning more than $7b and was subsequently bought by new owner Bain for $3.5b. Documents published with the Australian Securities and Investment Commission on Tuesday revealed the business had just $740m of cash to service over $5b of debt that was due within the next year. The $3.1b loss was the ninth negative return in a row. The airline also has $1.2b of debt currently that it carried into administration, though this is mostly in bank loans for aircraft.<br/>
