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FLOODS IMPACT VIRGIN BLUE HALF YEAR PROFITS

Dino D'Amore
By Dino D'Amore Jan 26, 2011 1 mins read
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FLOODS IMPACT VIRGIN BLUE HALF YEAR PROFITS

Virgin Blue has stated that it expects its first-half net profit to fall by 63% over a year ago due to the floods in eastern Australia as well as a consumer slowdown. It said its first-half net profit would be in the $22 million to $26 million range, compared with $62.5m a year earlier.

However it also stated that it was still assessing the impact of the floods, which it estimates could be a big as $40 million.

Virgin shares fell 1c to 41.5c yesterday in response to the net profit revision.

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