Thu, May 11, 2023 page10

• World Business Quick Take

  • Agencies
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  AIRLINES

  Virgin sees delayed recovery

  Britain’s Virgin Atlantic Airways Ltd said it would not return to profitability until next year, pushing back its previous forecast of a recovery this year, as a weaker pound, rising costs and higher interest rates offset strong demand for travel. For last year, Virgin Atlantic posted a pretax loss of ￡206 million (US$260 million) on revenue of ￡2.9 billion, recovering to 98 percent of levels last seen in 2019 before the COVID-19 pandemic shut travel markets. Virgin, founded by billionaire Richard Branson, said that summer bookings were ahead of expectations.

  TRANSPORTATION

  Alstom losses narrow

  French train maker Alstom SA narrowed its losses in its 2022-2023 fiscal year, but delayed its profitability target due to high inflation, the company said yesterday. The maker of TGV high-speed trains reported a loss of 132 million euros (US$144.6 million) between April last year and March this year in the wake of its acquisition of the rail division of Canadian group Bombardier Inc. Alstom delayed its mid-term target for a key measure of profitability — adjusted earnings before interest and taxes — by a year to 2025-2026, citing the “new macroeconomic environment in particular the effect of inflation.”

  RETAIL

  ASOS first-half loss widens

  Asos PLC sales fell and its loss grew in the first half, as the British online retailer tried to cut inventory and excessive discounting. Sales dropped 8 percent in the six months through February and operating losses widened to ￡272.5 million, it said yesterday. Chief executive officer Jose Antonio Ramos Calamonte said the business has made progress in its turnaround, despite “some very challenging conditions.” Meanwhile, supermarket group Ahold Delhaize NV beat expectations with its first-quarter sales, thanks to a strong performance in the US and loyalty programs, it said yesterday. The Netherlands-headquartered company announced quarterly sales of 21.62 billion euros, beating the 21.5 billion euros expected by analysts.

  FINANCE

  Latitude under investigation

  The privacy regulators for Australia and New Zealand yesterday said they had begun a joint investigation into the personal information handling practices at consumer finance firm Latitude Group, which was hit by a cyberattack. The Office of the Australian Information Commissioner and the New Zealand Office of the Privacy Commissioner said the decision followed preliminary inquiries into the matter by both regulators. Latitude Group, a provider of credit cards and personal loans for some of Australia’s biggest retailers, in March said that hackers stole nearly 8 million Australian and New Zealand drivers’ license numbers.

  LODGING

  Airbnb cautious on outlook

  Vacation home-rental company Airbnb Inc on Tuesday gave a cautious forecast for revenue in the second quarter, suggesting rising prices and a murky economic outlook are beginning to weigh on consumer appetite for trips. The San Francisco-based home-sharing company expects revenue of US$2.35 billion to US$2.45 billion in the three months ending in June, representing an increase of 12 to 16 percent from a year earlier and its slowest pace of growth yet. Airbnb said it expects earnings before interest, tax, depreciation and amortization, excluding some costs, to be similar to the second quarter last year.
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