Virgin Atlantic To Cut 500 Jobs - Report

Virgin Atlantic Airways is cutting about 500 jobs as it seeks to reduce costs and improve its financial resilience, according to a WSJ report.

The cuts will be done through layoffs, moving staff, or not filling vacancies and will be implemented by the end of the year, the Wall Street Journal reported.

The 30-year-old airline is looking to boost earnings after it reported a GBP£14.4 million (USD$22.62 million) profit for 2014, its first in four years.

Virgin is in the throes of a two-year turnaround plan that includes closing its Little Red domestic airline to concentrate on long-haul flights.

The airline is increasing its transatlantic flights while cutting back on some routes elsewhere. It is also contemplating how to replace seven Boeing 747s it flies from London's Gatwick Airport, and could expand its fleet in the process.