Virgin Australia Holdings Ltd said on Wednesday it plans to cut domestic capacit...
) said on Wednesday it plans to cut domestic capacity by at least 2% and remove five aircraft from its fleet as it grapples with stagnant demand.
The reduction in domestic capacity, which will take place before end-June and comes on the heels of restructuring moves unveiled this year, is aimed at lifting airfares as domestic revenue and demand have flatlined, Chief Executive Paul Scurrah said. Virgin said in August 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.
In September, Virgin agreed to buy back the 35% of its frequent flyer business that it did not already own from private-equity group Affinity Equity Partners for A$700 million .
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