View Full Version : Virgin Express reveals profit

4th Apr 2002, 10:37
from ananova.com

Virgin Express airline says it finished 2001 in the black despite the post-September 11 disruption in air travel.

The Brussels-based budget carrier, an offshoot of Sir Richard Branson's business interests, made a net profit of 79,000 - its first since 1998 and a welcome reversal from the 40 million loss in 2000.

Chairman David Hoare said the 2001 results would have been even better were it not for the bankruptcy of Belgian national flag carrier Sabena.

A code-sharing agreement between the two airlines accounted for 40% of Virgin Express' revenue, he said.

"However, since being freed from the constraints of the Sabena contract, we have worked hard to replace the lost income by creating a wider network," he said.

Story filed: 11:40 Thursday 4th April 2002