Virgin Australia says its full-year net loss more than doubled from a year ago, hurt by the one-off costs of a restructure to cut capacity amid stiff competition.Australia's second-biggest airline will post a $224.7 million loss next month due to the cost of overhauling the airline, it said in a trading update to the Australian stock exchange. That compares with a $93.8 million loss in 2014/15.The Richard Branson-backed airline, which competes with larger rival Qantas, is cutting capacity, taking on a new major shareholder, eyeing flights to China and seeking to raise capital to help shore up its margins.Its fourth-quarter and annual results released on Thursday included previously announced charges related to efficiency initiatives "with a focus on the simplification of the group's fleet through the removal of surplus" capacity and aircraft.  
They are aimed at saving up to $300 million per year in costs by the end of the 2019 financial year.Without the one-off charges, Virgin said, annual pre-tax profit was $41 million, better than the previous year's $49 million pre-tax loss and within guidance it gave this month of posting underlying profit between $30 million and $60 million.The company will present its full-year results on   August 5.The trading update comes a day after Etihad Airways threw its support behind the carrier, agreeing to buy new shares in Virgin Australia to retain its 21.8 per cent stake and a board seat.Etihad's board has endorsed a proposal to take up its pro-rata entitlement in the non-renounceable entitlement offer for new shares in Virgin, which closed on Wednesday night, a Etihad spokesperson said ."Etihad Airways is a long-term strategic investor and commercial partner to Virgin Australia, and remains fully committed to the partnership as a shareholder," the spokesperson said.On   June 15, Virgin announced plans to raise $852 million via a non-renounceable entitlement offer to shareholders at 21 cents a share, and a major operational revamp.Virgin plans to use the proceeds to pay down debt and improve its business after an extensive review of its finances.Air New Zealand last month agreed to sell most of its Virgin stake to Chinese giant Nanshan Group in a deal worth $301.4 million.The Air NZ deal came hot on the heels of China's biggest private airline operator, HNA, buying a 13 per stake in Virgin, with a pledge to increase its holding to 19.99 per cent over time.Reuters/ Bloomberg