Here is the news:
Virgin to book big annual net loss
32 MINUTES AGOJULY 6, 2016
By Lilly VitorovichAAP
Virgin Australia is set for a big full-year loss after announcing its restructure will cost as much as $450 million.
Australia's second biggest airline has reaffirmed its guidance for pre-tax underlying profit of $30 million to $60 million, but its bottom line will be hit by costs and writedowns of between $410 million and $450 million.
That includes $100 million of fourth-quarter restructuring costs, and $155 million to $175 million of non-cash impairments associated with a three-year cost-cutting program announced by the carrier last month.
The remainder of the costs and writedowns confirmed on Wednesday include the $59.4 million already announced in the group's interim results, plus an additional $100 million to $115 million related to an overhaul of its fleet.