Virgin Atlantic Posts Profit of euros68 Million

Virgin Atlantic Airways Ltd., the carrier controlled by U.K. billionaire Richard Branson, posted a full-year pretax profit of euros68 million ($124 million) as demand for long-haul flights spiked.

Sales for the year through February were euros1.63 billion, the company said in an e-mailed statement today. The airline reported pretax profit of euros 20.9 million for the 10 months through February 2004 on sales of euros1.27 billion.

Virgin Atlantic, based at Crawley, near London, is adding flights to North America, Australia and Asia in a challenge to British Airways Plc. The company, with a fleet of 31 aircraft, ordered 26 Airbus SAS A340 and six A380 planes to help it double in size over the next five years.

The airline flew 4.4 million passengers in the year, compared with 3.3 million a year earlier. It plans to add flights to Montego Bay, Jamaica and Dubai and to increase services to Mumbai.

Virgin Atlantic reported ten-month results a year earlier after the carrier changed its accounting period to match Singapore Airlines Inc., which owns 49 percent of the company. Branson´s closely held U.K. investment company, Virgin Group, owns the rest.