Virgin Express Posts Loss

[Chillwinston]

And who says Branson is No businessman, agree to sell the airline to a competitor and then post losses........ and I believe he has the option to force SN to buy the remaining stock within a certain period.



March 30, 2004
Belgian-based no-frills airline Virgin Express reported a EUR19.6 million (USD$23.9 million) 2003 net loss on Tuesday, against a EUR0.4 million (USD$0.49 million) net profit the year before.

Half the 2003 loss was incurred in the fourth quarter, Virgin Express said.

Virgin Express -- which is in talks to combine its activities with Belgian peer SN Brussels Airlines -- said in a statement an industry price war had resulted in a EUR14.8 million (USD$18 million) operating loss for the year.

But Executive Chairman David Hoare said in a statement that yields had shown some improvement in the first quarter of 2004, although the airline still expects to post a seasonal loss for the quarter.

(Reuters)

[Angus Meecoat]

No offence Winston but is it still worthy announcing VEX losses on pprune.
They have made a loss every year since they started, including last year though somehow they fiddled the figures enough and dressed it up as a small profit. This was even with no real competition out of Zaventem as SN were trying to get started.

They are an absolute basket case, I should know I worked for them for over 2 years.

Don't worry though "the peoples concorde saviour" will do OK out of it as usual.