Virgin Atlantic profits up

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} UK-based airline Virgin Atlantic has almost doubled its profits in the year to the end of February, in sharp contrast to the trend seen by other airlines.   Virgin Atlantic reported annual pre-tax profits of ┬ú68.4 million, nearly double the ┬ú34.8 million for the year to February 2008.   The company said its results had been helped by a rise in premium fare passengers.   Other airlines have been hit hard by a fall in premium fare passengers, and also by the rise in fuel costs last year, with British Airways last week reporting an annual loss before tax of ┬ú401 million.   BA said the level of premium fare travellers had fallen by 13 percent in the second half of its financial year.   "We are winning market share from our competitors during the toughest trading environment ever,ÔÇØ said Virgin Atlantic chief executive Steve Ridgway.   Virgin AtlanticÔÇÖs figures have been helped by successful hedging of fuel in a year which saw the price of oil swing from as little as $38 a barrel up to as much as $147 a barrel.   Sir Richard Branson, founder and president of Virgin Atlantic, said: "The last financial year has proven to be the most volatile yet in our 25-year history. To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff at Virgin Atlantic."     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *