Virgin Money Australia reported its fourth consecutive loss in the 2012/13 financial year. The good news for its new owner, Bank of Queensland, is that there is less red ink than in previous years.Virgin Money, which was acquired by Bank of Queensland in April, lost A$4.5 million in the year to March. It lost $9.2 million in 2011/12, $5.3 million in 2010/11 and $4.6 million in 2009/10.Revenue rose from $3.9 million in 2011/12 to $4.7 million in the year to March. The company made big in-roads into employee expenses, which fell from $7 million to $4.9 million.Virgin Money's losses have been explained by the fact that it has been investing in the rebuilding of its business since its original credit card and mortgage providers pulled out of their partnerships. But that rebuilding has been going on since 2009 and has yet to bear fruit.The 2012/13 financial report suggests that Virgin Money is still struggling to establish a sustainable business. Revenue from superannuation, which has been its mainstay over the past few years, fell from $3.3 million in 2011/12 to $2.7 million in the year to June.Retail banking income fell from $43 million to $15 million over the same period.Growth came from commissions for life insurance, income protection insurance and travel insurance. Income protection and travel insurance were both introduced in 2012.Virgin Money's product providers include Citibank, Auto and General Insurance, TAL Ltd and Allianz Australia Insurance. It plans to introduce mortgages, personal loans and transaction accounts developed by BOQ,As the directors' report noted, the company is in the awkward position of operating as a "start-up", with a lot of investment in new products, while it has substantial net liabilities that have forced it to "initiate cost control measures".