July 3, 2017 / 3:01 AM / in 21 days

Virgin Australia sees annual cashflow of up to $38 mln, shares surge

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July 3 (Reuters) - Virgin Australia Holdings Ltd said on Monday it expects to report positive cash flow for the 2017 fiscal year between zero and A$50 million ($38 million), an improvement of between A$90 million and A$140 million on the prior corresponding period.

Shares in Virgin, which has been struggling with weak demand from corporate and government customers, jumped 6.3 percent to A$0.17 in thin early trade, while the broader S&P/ASX 200 index was flat.

The carrier said it will report a higher total cash balance at June 30 compared with three months earlier and reaffirmed it expects its underlying performance in 2017 to improve on its fourth-quarter performance in 2016. ($1 = 1.3021 Australian dollars) (Reporting by Shashwat Pradhan in Bengaluru; Editing by Edwina Gibbs)

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