Virgin Australia to merge units, cut jobs as it swings to FY loss

(Reuters) - Virgin Australia Holdings said on Wednesday it would merge three of its business divisions and cut 750 jobs, in a turnaround bid after swinging to an annual underlying loss due to higher fuel prices and a weaker currency. The company, which also appointed a new finance chief, said it will integrate the corporate, operational and commercial functions of Virgin Australia Airlines, Virgin Australia Regional Airlines and Tigerair Australia into "single functions and points of accountability". Virgin said it expects A$75 million in cost savings by the end of fiscal 2020 from the reduction of 750 corporate and head office roles.

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