Virgin Atlantic has imposed a pay freeze for the financial year that began on 1 March...in the year to 29 February 2012, the carrier lost £80.2 million ($119 million)...

...it points to its transatlantic joint venture with Delta Air Lines - which in December acquired a 49% stake in Virgin (for $360 million) - and its Little Red domestic operation, which will begin flights on 31 March, as key drivers for revenue growth...

...additionally a planned transition to twin-engined aircraft types "will result in considerable financial savings" it says, as it retires its Airbus A340-600s and Boeing 747-400s in the 2010-2015 timeframe.