24 Mar 2014

Virgin Australia outed for late reporting

12:36 pm on 24 March 2014

Virgin Australia has been named by the Australian Shareholders Association as one of 243 companies leaving their financial reporting to the last minute.

In a practice known as 'taking out the rubbish', most of the last day laggards are small resources companies based in Perth.

But Virgin Australia, in which Air New Zealand is a major shareholder, has also been outed for trying to dodge the news cycle.

Shareholders Association policy director Stephen Mayne said many companies wait until after the market closes on the last Friday possible to release their profit result, usually because it's bad news.

Mr Mayne said Virgin Australia's announcement of a half-year loss of more than $A80 million was left until the last Friday, though he admits it was made more complicated by its capital raising announcement.

He said it's unusual for a top 200 company to wait until the last day.