Belgian-based budget airline Virgin Express last night reported a doubling of third quarter net profit to €3.4m on additional cost savings and increased productivity.
Virgin Express, controlled by British entrepreneur Richard Branson's Virgin empire, is joining forces with rival SN Brussels Airlines, a deal expected to be finalised between March and June of next year.
Operating profits rose even more, to €4.3m from €1.9m last year. Revenues, however, fell 12% to €54.7m on a cut in capacity. The load factor - or percentage of seats filled - remained stable at 84.2%.
The airline said that yields - or income per passenger - were still 'unsustainably low'.
'In line with last year's performance we would expect a loss in the fourth quarter resulting in losses for the full year,' Virgin Express executive chairman David Hoare said in a statement.
