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Virgin Blue updates FY2009-10 outlook, expects profit of AUD80-110 million

5-Feb-2010 8:32 AM

Virgin Blue announced (04-Feb-2010) it now estimates its profit before tax and exceptional Items for FY2009-10 will be in the range of AUD80-110 million, compared to a loss of AUD93 million in FY2008-09. This is consistent with the most recent guidance (given at last year's AGM) that the Group would return to profitability in the year. The forecast reflects an improvement in operating conditions in 1H2009-10 in respect of two key drivers - a decrease in the average fuel price paid by the Group to USD92/bbl compared to USD127/bbl for the previous corresponding period, and some recovery in yields for the domestic business from the market lows seen in early 2009, to be broadly in line with the same period in 2008. The company noted that concerns remain around the pace of the global economic recovery and the continuing volatility in domestic and international markets. [more]