Richard Branson's Virgin Atlantic says 2013 annual loss narrowed by 50 pct

Apr 24 2014, 15:10 IST
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Virgin Atlantic, founded by billionaire Richard Branson, has reported a group pretax loss of £51 mn in 2013. Virgin Atlantic, founded by billionaire Richard Branson, has reported a group pretax loss of £51 mn in 2013.
SummaryVirgin Atlantic says it's on track to return to profitability by the end of 2014

Privately-owned British airline Virgin Atlantic said its annual loss narrowed by 50 per cent in 2013, putting it on track to return to profitability by the end of this year.

The airline, founded by British billionaire Richard Branson, on Thursday reported a group pretax loss of 51 million pounds ($85.6 million) for the twelve months to end December last year, compared to the 102 million loss arising from the year earlier, a pro forma figure reflecting the firm's new reporting period.

"The group has made good progress in 2013 towards our target of a return to profitability by the end of this year," Chief Executive Craig Kreeger said in a statement on Thursday.

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