BREAKING NEWS

BREAKING NEWS

Virgin bucks the trend

Now Reading:

Virgin bucks the trend

Text size Aa Aa

Virgin Atlantic has announced its yearly profits nearly doubled , but the privately-owned airline warned the weak global economy mean it will be “almost impossible” for airlines to make a profit this year.

Virgin’s Chief Executive Steve Ridgeway said it has benefited from many business travellers cutting costs: “Things like our Premium Economy are working well, because as people downgrade from Business class then, we’ve got Premium Economy and we grew those cabins over the last couple of years, but none the less, airlines are seeing dramatic falls in revenue.” Virgin’s figures come in sharp contrast to dire results at rival British Airways. Ridgeway said all airlines now have to slow down capital expenditure and preserve cash.