(MENAFN) Australian carrier Virgin said its net loss for the first half of the current financial year narrowed to USD37.3 million on the back of cost-cutting and slumping oil prices, AFP reported.
The result for the six months to December 31 compared to an USD58 million loss in the previous corresponding period. Meanwhile, revenue climbed 6 percent to USD1.85 billion from a year earlier.
"This has been driven primarily by the group's continued progress in driving yield growth in the domestic market and the disciplined execution of our five-year USD1 billion cost reduction program," chief executive said.
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