---------------------------------------------------------------
Virgin's annual results came amid a UK-U.S. investigation into alleged cartel activity over airline fuel surcharges which was launched following a tip-off by Virgin to British regulators.One U.S. law firm has already launched a class-action lawsuit against airlines over the price-fixing allegations, according to UK newspapers, which an industry source said on Monday was not being taken as a serious threat for the carriers.
Virgin, which competes with British Airways for premium-paying passengers, said its business passengers rose 10 percent in the year after it launched new upper-class facilities.
The airline, 51 percent owned by Branson and 49 percent by Singapore Airlines, also launched new routes to India and the Caribbean in the year, which helped offset a 30 percent jump in fuel costs and tough transatlantic competition.
Profit before tax and exceptionals for year ending February 28 rose to 41.6 million pounds ($76.1 million) from 20 million a year ago, the airline said.
Comment Preview