Profits up, sales down at Virgin Atlantic
Virgin Atlantic has posted better than expected pre-tax profits of £15.7million for the year ended April 2003.
It compares to a loss of £92.6million for the same period last year.
Chairman Sir Richard Branson said the results were a “fantastic achievement” given the difficulties the airline had faced due to SARS, the Iraq conflict and economic conditions.
However it was not all good news. Sales at the airline fell slightly from £1.49billion to £1.4billion and passenger numbers were also down from 4.089 million to 3.865 million. Virgin managed the profit partly because it has cut costs – staff numbers were down year on year from 7,969 to 7,393.
Meanwhile Virgin Atlantic continues to insist on the logic of a tie-up with bmi british midland. Merger talks between the two UK carriers collapsed in May.
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