Virgin Atlantic Airways has posted a full-year loss of £69.9 million ($107 million), which includes Virgin Holidays. The main airline lost £93 million, which was partially offset by a one-time gain of £35.4 million and a £23.1 million contribution from other units.
The group blamed higher costs, sluggish economies and a dip in business travel during the London Olympics for the poor performance. However it reiterated that the airline would return to profit by Spring 2015, buoyed by a trans-Atlantic alliance with new shareholder Delta Air Lines.
Virgin flew 188,000 more passengers during the 12 months to end of February 2013, bringing the total flown to 5.5 million.