Profits in the airline industry!
The airlines are suffering across the board, but Virgin Atlantic is actually coming out ahead. The airline credits the “T5 Effect” for helping it through the first quarter, i.e. redirecting passengers troubled by British Airways’ Terminal 5. Virgin Atlantic made more than $43 million in its first quarter, compared with a $4 million loss last year.
Sir Richard Branson also used the carrier’s good fortune to once again voice his dissent on a Transatlantic venture between British Airways and American Airlines:
“It’s ironic that just as regulators are breaking up one monopoly —
BAA — British Airways and American Airlines are trying to create another. Our results prove that consumers want choice on transatlantic routes,” Virgin Atlantic President Richard Branson said in a statement Tuesday. Branson was referring to the request from a U.K. regulator for BAA to sell two of the three London-area airports.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.