Virgin America losses widen in 1Q2012

Virgin America revenue up 33% - financial highlights for three months ended 31-Mar-2012:

• Total operating revenue: USD267.0 million, +32.8% year-on-year;
• Total operating costs: USD315.6 million, +36.9%;
  • Fuel: USD122.5 million, +47.0%;
  • Aircraft rent: USD52.5 million, +36.7%;
  • Labour: USD41.5 million, +28.3%;
• Operating profit (loss): (USD48.6 million), compared to a loss of USD29.5 million in p-c-p;
• Net profit (loss): (USD76.0 million), compared to a loss of USD44.6 million in p-c-p;
• Passenger numbers: 1.4 million, +42.2%;
• Load factor: 80.6%, +4.9 ppts;
• Average fare: USD168.17, -7.8%;
• Total revenue per ASM: USD 9.45 cents, +2.2%;
• Passenger revenue per ASM: USD 8.54 cents, +1.3%;
• Yield per RPM: USD 10.60 cents, -4.8%;
• Cost per ASM: USD 11.17 cents, +5.3%;
• Cost per ASM excl fuel: USD 6.84 cents, +1.0%. [more - original PR]

Virgin America: "While we are disappointed that our operating results fell short of our expectations for the quarter, as a young airline we have to balance the need to grow in order to build our network and achieve economies of scale with the short-term costs of that growth," David Cush, president and CEO. Source: Company statement, 03-Jul-2012.