Virgin Australia Has Secured A $90 Million Loan Despite Just Posting A $98.1 Million Loss

Getty/Paul Kane

Virgin Australia has reported a $98.1 million loss, within its forecast range of $95 million to $100 million.

The Australian Financial Review reports Virgin’s balance sheet has been weakened by its transition to the Sabre booking system, the acquisition of a majority stake in Tigerair Australia and a dogfight with Qantas in the domestic market amid a softer economy.

It has declined to provide profit guidance for the current financial year, as has its rival Qantas Airways, which yesterday reported a $6 million profit.

Despite the loss, Virgin has still managed to snare a $90 million unsecured loan facility from its three airline shareholders to help boost its liquidity position.

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