Strong results at Virgin Atlantic
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Virgin Atlantic has today announced a dramatic rise in profits for the year according to travelbite.com.
In marked contrast to recent data from British Airways, figures show annual pre-tax profits for the fiscal year ending February at the airline reached GBP68.4 million (US$ 111 million), almost double the GBP34.8 million recorded the year before.
Last week British Airways reported record losses of GBP401 million for the financial year.
Virgin’s improved results were helped by a higher number of premium travellers, while BA announced a 13 % drop in the same category of passengers.
The airline is majority-owned by Sir Richard Branson’s Virgin Group, and commenting on today’s announcement, he said: “To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff.”
Virgin Atlantic chief executive Steve Ridgway added: “We are winning market share from our competitors during the toughest trading environment ever.
“We are just managing the business to make sure we remain strong and hang on to our cash,” he said.
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