Virgin America revenue up 36% in 2Q2010, maintains full-year operating profit target
Virgin America revenue up 36% - financial highlights for the three months ended 30-Jun-2010:
- Revenue: USD184 million, +36% year-on-year;
- Operating profit (loss): (USD430,000), an improvement of 92% year-on-year;
- Load factor: 82%, -3 ppts;
- Yield: USD 11 cents, +28%;
- Revenue per ASM: +23%;
- Cost per ASM excl fuel: -6%;
- Unrestricted cash: USD26 million. [more]
Virgin America stated it has hedged 85% of its 2H2010 project fuel requirements at an average crude oil call strike price of USD82 per barrel.
Virgin America: “Even with significant increases in fuel costs during the quarter, our top-line progress continues to exceed our expectations as a young and growing airline. Despite the rough economic climate since our launch, we remain on track with our original projection of achieving a full year operating profit in 2010. With revenue up by over one-third year-over-year, an unrivalled product and an award-winning team, we’re pleased with our company’s trajectory in what is just our third year of operations,” David Cush, President and CEO. Source: Virgin America, 10-Sep-2010.