Virgin Australia Holdings Limited suspends earnings guidance for fiscal year 2020. The group is suspending earnings guidance for fiscal year 2020 due to ongoing uncertainty of the COVID-19 situation.

The Virgin Australia Group announced additional reductions in capacity and cost measures to address the impact of COVID-19. Over the past two weeks, the global travel industry has seen a significant decline in forward bookings due to the rapid spread of COVID-19 and consumer uncertainty surrounding overseas travel. As a predominately domestic airline, the Virgin Australia Group is insulated from some of the broader international impacts. The Group's domestic operations account for 88% of passengers and 78% of flight revenue. However, the Group is taking action to reduce capacity in the international markets it operates in and reduce domestic capacity in line with weakened demand in certain markets. Domestic changes: Across the Group, domestic capacity will be cut by 5% for second half 2020, driven by a reduction of 7% in fourth quarter. This is an increase on the 3% reduction previously announced on 26 February 2020 due to continued market softness and decreased demand and forward bookings. Services that will be reduced are mainly on markets that have multiple daily frequencies, minimising disruption to guests. International changes: The Group has observed increasing weakness in international forward bookings and is reducing international capacity by 8% in 2H20 to meet current and expected demand. The international changes announced follow the Group's recent withdrawal from Hong Kong services. Key changes are: Reducing the daily Brisbane to Haneda service to three times per week from 29 March until 3 May. Reducing the daily Sydney to Los Angeles service to five times per week from early May to early June. Further reducing Trans-Tasman services from a 2.6% reduction to 6% for second half 2020, including the strategic reduction of frequencies on Auckland-Melbourne to daily from May and a temporary reduction on Auckland-Sydney services. In addition, the Group also announced an exit of the following services as a continuation of the ongoing network strategic review: Auckland-Tonga to cease on 1 May. Auckland-Rarotonga to cease on 21 July.