The FINANCIAL -- Virgin Atlantic announced Wednesday its pre-tax profit more than doubled in 2015 to $32 million, after a succession of yearly losses.
The airline, 51 percent owned by its billionaire founder Richard Branson and 49 percent Delta-owned, says it expects “significant growth” this year in profit as its fuel hedges unwind, enabling it to fully benefit from lower fuel costs, according to Delta.
“We achieved these improved results in a year in which we also transformed our business and network, laying the foundations for a robust and enduring Virgin Atlantic,” said the airline’s CEO, Craig Kreeger.
Virgin also said its success was fueled by the growth of its joint venture partnership with Delta on transatlantic services, which delivered a 55 percent increase in profit. Nearly 400,000 customers connect between the two carriers. The partnership’s total number of codeshare routes is now more than 550, with up to 43 peak day transatlantic services for summer 2016.