Virgin Atlantic Posts $107 Million Loss on Hit From Olympics
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U.K. billionaire Richard Branson’s Virgin Atlantic Airways Ltd. posted a full-year loss of 69.9 million pounds ($107 million), hurt by higher costs, sluggish economies and a dip in business travel during the Olympic Games.
The main airline unit had a 93 million-pound loss, offset by a 35.4 million-pound one-time gain and a 23.1 million-pound profit from other divisions. The year-ago loss was 80.2 million pounds for the group and 98.6 million pounds at the airline.