Heavy losses for Virgin Express
30 March 2004
BRUSSELS – Cut-price airline Virgin Express, which is based at Zaventem airport outside of Brussels, announced losses of nearly EUR 20 million on Tuesday.
The airline, a Belgium-based subsidiary of UK millionaire Richard Branson’s Virgin group, blamed fierce competition in the low-cost airline sector and the war in Iraq for its poor showing in 2003.
The airline lost a total of EUR 19.6 million in 2003 after turning a small profit of EUR 400,000 the pervious year.
Virgin Express Executive Chairman David Hoare nevertheless tried to put a brave face on Tuesday’s gloomy figures by insisting his company was still in good shape.
“In spite of a difficult year, we are confident that as long as we keep our costs low and we offer the travelling public superb value for money, we will prosper,” he said in a statement.
Earlier this month Virgin Express announced that it would be joining forces with another Belgian airline, SN Brussels, in a move designed to improve both companies’ fortunes.
[Copyright Expatica News 2004]
Subject: Belgian news