Virgin America Posts Full Year Profit

Virgin America on Wednesday reported a fourth-quarter profit against a year earlier loss as it cut expenses and increased revenue.
Net income was USD$14.2 million compared with a loss of USD$25.0 million a year earlier. Quarterly revenue rose 2.7 percent to USD$359.9 million.
Total operating expenses fell 2.6 percent in the fourth quarter, with costs for fuel and aircraft leases down about 5 percent and 26 percent, respectively.
Virgin America, the San Francisco-based carrier which launched in 2007 and is 25 percent owned by Richard Branson's Virgin Group, is looking to go public this year. It said 2013 marked its first full year of profitability, with net income of USD$10.1 million compared with a year-earlier loss of USD$145.4 million.
The carrier recently won takeoff and landing rights at New York's LaGuardia and Washington Reagan National airports that American Airlines agreed to sell in return for US approval of its merger with US Airways. Those rights will allow Virgin America to operate additional flights at those airports.

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