The airline Virgin Australia has managed to turn a profit in fiscal 2023—its first in 11 years—the company confirmed on Tuesday. This comes as air travel continues to make a strong recovery following the COVID-19 pandemic.
Virgin Australia reported a statutory net profit after tax for the full year ended June 30, 2023, of A$129 million ($82.93 million). Last year, the airline suffered a loss of A$565.5 million.
Bain Capital, the owner of Virgin Australia, is looking to list Virgin on the Australian Securities Exchange next month, targeting an A$1 billion valuation. This comes after the company purchased Virgin Australia for A$3.5 billion including liabilities in 2020 after the airline was placed in voluntary administration.