Virgin Atlantic cruises to passenger profits, but cargo suffers

© Craig Russell

Profits may be up on the passenger side, but Virgin Atlantic saw cargo revenues fall 13% year-on-year, while yields were down 8%. Not a bad result when compared with the global average fall in yields of 15% in 2015, according to WorldACD. The carrier said the results were due to “aggressive competitor activity and the low fuel cost environment, which put pressure on price and meant our yields were down”, according to ATW. The FT attributed the 81% overall profit growth, in part, to restructuring carried out by CEO Craig Keeger.