Thursday, 15 March 2018

Virgin reports loss

Virgin Atlantic reported a loss for 2017 compared with a year-ago profit on Thursday. The British carrier blamed the loss on an industry-wide engine supply issue, the weaker pound and a number of weather-related operational disruptions.

Virgin say the loss before tax is £28.4 million for the year up to 31st December as revenue fell by 1 percent and reported it flew 5.3 million passengers in 2017, some 0.1 million fewer than in 2016. The carriers load factor also dipped, down to 78.3 percent.

Craig Kreeger, the chief executive of Virgin Atlantic believes the deal from Air France-KLM to buy the bulk of Richard Branson’s Virgin Group shares in the airline to be completed during the early part of 2019.

The Virgin Group are reducing its stake in the British airline by 31 percent, retaining just 20 percent making Delta the largest shareholder with 49 percent.  The deal to buy Virgin Groups 31 percent by Air France-KLM is about to go before the US approvals authorities.  “Our expectation is this is an early 2019 launch of the expanded joint venture,” Kreeger said.
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