English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Virgin Atlantic halves loss

LONDON: The privately-held Virgin Atlantic (VAL) Group, now 49 percent owned by Delta Air Lines, has reported an overall loss of £51 million for 2013 and a £7 million profit for its old financial year between March and December last year.

The loss is a reduction of 50 percent on its previous 12-month results and the airline says it expects to be profitable by the end of 2014. Overall revenue rose 4.9 percent although cargo declined 3.4 percent. Nevertheless the business contributed £225.3 million to the group – "exceeding expectations due to a weak cargo market."

The airline said Asia Pacific produced a 12 percent increase in tonnage and a three percent rise in revenues JOHN LLOYD Virgin Atlantic Cargoduring the year. Tonnage on its Americas network was five percent higher and the Europe, Middle East and Africa region grew three percent.

John Lloyd, (right) director of VAL Cargo said: "Our 2013 results show that we outperformed the market for a second consecutive year and increased our share by five percent at a time when many of our major competitors' businesses were in decline. The excessive amount of cargo capacity that started to return to the market in 2013 continued the downward pressure on yields but we have clearly been more successful in managing this challenge than many other carriers."

Virgin Atlantic CEO Craig Kreeger commented: "Our strategy has been to focus on network, alliances and managing our cost base in a way which has not impacted on the customer. For example, use of a new fuel management system delivered savings of £8m in a single year. We have also increased our revenues and passenger numbers, which is the result of both a committed workforce providing exceptional customer service and a loyal customer base with high advocacy. We're thrilled with the response we're seeing from our customers."

The airline said it expects the partnership with Delta Air Lines to deliver significant customer and commercial benefits that will allow both airlines to compete more effectively on the North Atlantic as VAL celebrates 30 years of operations.

With the first of 16 Boeing 787-9 'Dreamliners' arriving in the Autumn to replace B747 aircraft, Kreeger said he was confident that the resultant fuel efficiencies combined with the Delta relationship would return the company to profit: "We are building a sustainable and profitable airline for the future and it is an exciting time for our company."

 

 

News

Written on 22/02/2018, 19:42
infrastructure-improvements-not-rocket-science-says-iataNEW YORK, NY: February 22, 2018. IATA director general and CEO Alexandre de Juniac says the U.S. government should get out of the business of running...
Written on 22/02/2018, 17:40
top-employer-dhl-opens-new-brussels-hubBRUSSELS: February 22, 2018. DHL Express has a new €140 million, 36,500 sq.mt. regional hub at Brussels Airport that can handle 42,000 shipments an...
Written on 22/02/2018, 16:10
record-year-for-rockfordROCKFORD, IL. February 21, 2018. The Chicago Rockford International Airport (RFD) has reported a 50 percent increase in landed cargo in 2017 to reach a...
Written on 22/02/2018, 15:44
brussels-levies-395-million-fine-on-maritime-car-carriersBRUSSELS: February 21, 2018. The European Commission (EC) has levied fines totaling €546 million on four maritime car carriers and three major car parts...
Written on 15/02/2018, 17:39
first-uae-built-satellite-nears-launch-dateDUBAI: February 15, 2018. The first satellite developed and built at the Mohammed Bin Rashid Space Centre (MBRSC) by Emirati engineers has been flown to...
Written on 14/02/2018, 22:30
saudi-arabia-and-uae-provide-mobile-lift-for-yemen-aid-programSANA'A, Yemen. February 12, 2018. Prior to disbursing US$1.0 billion in humanitarian aid to Yemen next month, Saudi Arabia and the UAE recently arranged...
Written on 14/02/2018, 16:09
master-showjumpers-travel-in-styleHONG KONG: February 14, 2018. The latest Longines Masters equestrian event ended last weekend with a Grand Prix win by France's Patrice Delaveau on his...
Written on 12/02/2018, 18:37
humanitarian-logistics-databank-launchedDUBAI: February 11, 2018. The Humanitarian Logistics Databank, an information-sharing platform for aid agencies, has been launched by Princess Haya bint...
Written on 10/02/2018, 23:29
gac-to-manage-yamal-lng-icebreaker-fleetSABETTA PORT, Russia. February 09, 2018. The Yamal LNG gas project has appointed GAC Russia to manage its fleet of icebreaker tankers at Sabetta for the...
Written on 09/02/2018, 18:26
drones-about-to-take-off-in-singaporeSINGAPORE: February 07, 2018. Airbus has partnered with the Civil Aviation Authority of Singapore and Singapore Post to test its Skyways package delivery...
Written on 06/02/2018, 15:55
singapore-tops-new-belt-road-indexSINGAPORE: February 05, 2018. According to an index of real estate prospects in 67 countries along China's Belt & Road Initiative (BRI), Singapore,...
Written on 04/02/2018, 21:56
record-profit-for-amazon-undermines-the-need-for-tax-breaksWASHINGTON, DC: February 01, 2018. A report from the U.S. Economic Policy Institute (EPI) concludes Amazon fulfillment centers do not boost overall...
Written on 04/02/2018, 21:27
tiaca-adopts-new-vision-with-makeoverMIAMI: January 31, 2018. The International Air Cargo Association has announced a new vision that includes more training and consultancy projects to ensure...
Written on 04/02/2018, 20:26
cartel-members-fined-169-millionLUXEMBOURG: February 01, 2018. The Court of Justice of the European Union has upheld €169 million in fines originally imposed by the European Commission...
Written on 01/02/2018, 20:16
iata-confirms-a-record-year-for-air-cargoGENEVA: January 29, 2018. IATA reports a 9.0 percent year-on-year increase in freight tonne-kilometers (FTKs) in 2017, noting it was the strongest...
Written on 28/01/2018, 18:01
us-4-5-trillion-circular-economy-goes-mainstreamDAVOS, Switzerland: January 24, 2018. BMW has joined 29 major corporations with collective annual revenues of US$1.3 trillion in supporting a circular...
Written on 27/01/2018, 01:21
low-marks-for-russian-corporate-transparencyMOSCOW: January 25, 2018. Transparency International (TI) Russia has published a first-ever study on the financial transparency of 200 Russian companies...
Written on 27/01/2018, 00:09
boeing-loses-bombardier-anti-dumping-caseWASHINGTON, DC: January 26, 2018. In a blow to the Trump administration and Boeing, the U.S. International Trade Commission (ITC) has ruled unanimously...
Written on 26/01/2018, 21:28
ndia-s-gst-expected-to-reduce-tax-ratesKUWAIT CITY: January 25, 2018. According to the latest survey of global logistics executives by Agility, India's GDP is accelerating again after early...
Written on 23/01/2018, 20:30
logistics-industry-optimism-for-emerging-marketsBAAR, Switzerland: January 22, 2018. Emerging markets have ignored growing populism in the U.S. and parts of Europe to "look brighter than they have in...

- powered by Quickchilli.com -