Virgin Australia reports AU$356 million losses

Virgin Australia has reported losses of AU$356 million (US$333 million) in its last fiscal year, which is a three-fold increase over the previous year.The results for the year through June 2014 followed an AU$98 million loss the previous year. The company blamed excess market capacity due to competition from its larger rival Qantas, weak consumer sentiment and the AU$52 million cost of Australia’s carbon tax.“The 2014 Financial Year has seen one of the most difficult operating environments in the history of Australian aviation,” Virgin chief executive John Borghetti said in a statement.Virgin announced on Friday that it had sold a