British airline Virgin Atlantic said yesterday that profits almost doubled from last year to this year, in contrast to a big annual loss at rival British Airways, despite choppy oil prices and a fierce recession.
Pre-tax profits rocketed by 96.5 percent to £68.4 million (US$108 million) in the 12 months to the end of February, compared with £34.8 million in its financial year from 2007 to last year.
Group sales, including tour operator division Virgin Holidays, increased by 8.4 percent to £2.579 billion.
Virgin said in a results statement that it was boosted by rising demand for premium travel and its policy to “hedge” against volatile oil prices.
Airlines seek to protect themselves against dramatic oil price movements by hedging — or taking a defensive position on futures markets. Jet fuel, or kerosene, is refined from crude oil.
“The strong results ... reflect an increase in the number of premium travelers choosing the airline, as well as prudent management decisions taken during the most volatile trading conditions in the airline’s 25-year history — where oil prices peaked at US$147 per barrel and subsequently dipped as low as US$38,” Virgin said in a statement.
World oil prices had soared to record high points above US$147 in July last year, but have since slumped in line with weak energy demand arising from the sharp global economic downturn.
Virgin said yesterday that it carried 5.8 million passengers in the past year, despite a deep recession in home market Britain.
Virgin Atlantic, which is not listed on the stock market, is 51 percent owned by tycoon Richard Branson. Singapore Airlines owns the remaining 49 percent.
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