Privately held Virgin America reported a $46 million net loss for the March quarter,

narrower than the $76 million net loss from a year earlier. Revenue metrics were strong, including a 12 percent increase in passenger revenue, a 19 percent jump in average fare to $201 and a 21 percent improvement in passenger yield. The airline cut first-quarter capacity by 4 percent year over year as it "focused on improving its schedule for business travelers and eliminating seasonally weak frequencies during the winter," according to a company statement. The carrier also reported its full-year 2012 performance, including a $145 million net loss. Passenger revenue soared 28 percent versus 2011 to $1.2 billion during 2012, when Virgin America achieved major carrier status as defined by the U.S. Department of Transportation.