Virgin Blue warns of full year loss. Air NZ lowers profit forecast amid difficult trading conditions
Virgin Blue and Air New Zealand, which has a 15% strategic stake in Australia’s second largest carrier, both this month lowered their profit forecast for the current fiscal year, as rising fuel costs and a series of disasters affect airlines worldwide. [1681 words]
Unlock the following content in this report:
- Virgin Blue warns of full year loss on high fuel costs and the Christchurch earthquake and Queensland flooding crises
- Loss follows profit in previous financial year, first half of this year
- Qantas meanwhile still expects full year profit
- Jet fuel costs add AUD50 million to costs over past six weeks
- Virgin Blue implements fuel surcharges and increasing hedging cover
- Current conditions validate ‘Game Change Strategy’: CEO
- Air New Zealand cautions of Christchurch impact; Moody's downgrades Air New Zealand outlook to 'negative'
Graphs and data:
- Movements in the jet fuel price index over the past four weeks
- IATA Weekly fuel assessment across the regions: 11-Mar-2011
- Jet fuel and crude oil price: Jan-2003 to Jan-2011
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