AUCKLAND—Virgin Australia forecasts a significant drop in its financial performance for the fiscal year through June 30, prompting the airline to plan capacity and network cuts. In a trading update issued May 17, Virgin predicted its underlying earnings will be at least A$100 million ($69.1 million) down from the previous fiscal year. Since the carrier achieved an underlying profit of A$64.4 million in fiscal 2018, a decline of this level would sink Virgin to a loss. The airline ...

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