Virgin Blue to lose US$131 million on fuel hedging
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Virgin Blue’s pre-tax profit will be cut by AU$200 million (US$131 million) after the Australian airline made wrong-way bets on fuel prices and currency rates, Bloomberg has reported.
In an address to shareholders, the carrier’s Chairman, Neil Chatfield, said that “the global financial crisis and the impact on consumer confidence will combine to overtake fuel as the biggest issue for our industry in the next 12 to 24 months,” according to the report.
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