Virgin Blue slumps on profit warning, Kingfisher gains on profit expectation
Virgin Blue's shares plummeted 28% on Friday after releasing its second profit warning in a month (but regained over 6% in early trade today), while Qantas gained 1.2%, with a further increase during today's morning trading.
See related report: Aspirational Virgin Blue faces reality shock. Aftermath of another profit warning
Erstwhile Virgin Blue partner, Air New Zealand, also lost 1.7% on Friday and was down nearly 1% in morning trade today.
Australia's Skywest Airlines (+7.4%), which last week had its monopoly of a number of air routes extended for nearly a year, was Friday's best performer.
Elsewhere, Air China (+4.3%) also continued its price recovery, while Kingfisher Airlines gained 3.6% as it revealed sharply lower losses in FY2010 and predicted a profit in FY2011. See related report: Kingfisher Airlines heading in right direction, predicts profitable 2010/11
Asia Pacific selected airlines daily share price movements (% change): 28-May-2010
Source: Centre for Asia Pacific Aviation & Reuters
*Markets were closed in Singapore, Malaysia and Thailand on 28-May-2010 for a public holiday