Virgin Express Posts Loss
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)