Virgin Australia has reported a 2013-2014 financial year loss of $355.6 million. Most of that can be attributed to restructuring costs and excess capacity.
To claw its way back into the black, Virgin Australia will sell 35% of its Velocity Frequent Flyer program to Affinity Equity Partners for $336 million.
The airline is also looking at other ways to cut costs.
http://www.ausbt.com.au/virgin-austr...5-million-loss