Virgin Atlantic Reports High Loses

Virgin Atlantic reported a 132 million pound loss.

Virgin Atlantic reported a 132 million pound loss.

Virgin Atlantic reported high losses for last year but expects a turn around.  The Virgin Atlantic airline owned by Sir Richard Brason, reported a 132 million pound loss.  This loss was in the year to February and was a big loss when compared with a 60 million pre-tax profit from the previous year.  Revenues for the year fell by 8.6 per cent to 2.3 billion pounds.

While British Airways boss Willie Wash voiced high confidence in his airline’s rebound to black, Virgin boss Steve Ridgway was not as quick to name such gains.

Instead Ridgway stated “We have a long way to come back from the losses we have made.”

“The summer is looking strong, but its all about the winter, which is traditionally the hardest time.  Demand is picking up across the majority of our routes and forward bookings for the summer have been very positive.”

Virgin said overall cargo revenue rose up by 36 per cent to 52 million in the first quarter, pushing up group revenue for the period by 10 per cent to 513 million pounds.

In international travel data for the 1st quarter Virgin’s revenue from flying cargo to China increased by 80 per cent, a 70 per cent rise to Japan, and 58 per cent to India.

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