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Episode 249: GippsAero reduces workforce and Virgin's missing revenue targets
Episode 24922nd May 2013 • The Australia Desk • Southern Skies Media
00:00:00 00:08:42

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We have spoken highly in recent years of Australian manufacturer GippsAero and their successes in creating aircraft that have sold all around the world. So it is with some concern this week that we report on the announcement of a corporate restructuring by parent company, Mahindra Aerospace, which although confusingly worded, indicated the loss of 40 jobs at the plant in Morwell, Victoria. There is widespread concern in the region that Mahindra may have a bigger plan in store, and one which may not be well received. We’ll keep a close eye on development.

GippsAero restructures, reduces workforce by 40

In airline news this week, Virgin Australia has issued a profit warning to the Australian Stock Exchange indicating that revenues have not been as strong as previously expected, well below the $83million pre tax estimate but not yet specified. The share market reacted by dropping Virgin’s stock by 7%. Worse still, their new low cost carrier, Steve’s favourite airline Tiger Airways, has also indicated that it has lost a significant amount of money over the past year. Virgin will no doubt be aiming to reverse these fortunes in the coming year.

Virgin Australia braced after proft warning

Tiger Airways Australia reveals $56.5m loss for 2012-13

Grant also responds to listener feedback from the previous show, following his verbose opinions on McDonnell Douglas and Boeing.





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