Australia's No. 2 airline has been struggling financially relative to deep-pocketed rival Qantas Airways Ltd, and decisions made by Scurrah's long-serving predecessor, John Borghetti, make it more difficult to manoeuvre amid declining consumer and business confidence and slow economic growth.
SINGAPORE: Virgin Australia Holdings said on Wednesday it would cut 750 jobs, merge business divisions and conduct a sweeping review of its operations after swinging to an annual underlying loss due to soft market conditions and higher fuel costs.
As its shares fell as much as 9% to the lowest level in more than a decade, Chief Executive Paul Scurrah said the airline would focus on cutting costs to get into a strongly profitable position over the coming years.
Limited time offer:
Just RM5 per month.
