Virgin Atlantic Ltd., a group that includes the passenger airline business as well as Virgin Holidays and an air cargo business, posted a pre-tax loss of £69.9 million, which included positive special items. Group revenue for the 12-month period increased 5 percent year over year, with a modest increase in total passenger counts and a passenger load factor improvement of 1.3 percent. The carrier reported a 9.2 percent increase in passengers traveling in Premium Economy and Upper Class. Virgin Atlantic CEO Craig Kreeger, a former American Airlines executive appointed this year, expected an improved financial performance for this year and has established a plan to "return the business to profitability within a two-year time frame," according to a statement. The path to profitability includes the carrier's new
U.K. domestic business, its pending
joint venture with Delta Air Lines, the impacts of a more fuel-efficient fleet and other initiatives, including a cost-savings program that calls for "£45 million in financial improvements in the current fiscal year."