31-May-2010 10:52 AM

Australian Securities Exchange questions Virgin Blue over second profit downgrade

Australian Securities Exchange (ASX) questioned Virgin Blue’s second profit downgrade in less than a month, which it announced on 28-May-2010 (The Australian, 31-May-2010). The carrier has reportedly reassured ASX that the revision was announced as soon as the information was available. Virgin attributed the downgrade to a “really radical decline in yields, even though it was a short period”. It now estimates its net profit before tax and exceptional items for FY2010 will be in the range of AUD20-40 million, compared with previous guidance of AUD80 million.