Virgin Blue warns of full year loss. Air NZ lowers profit forecast amid difficult trading conditions

Virgin Blue and Air New Zealand, which has a 15% strategic stake in Australia’s second largest carrier, both this month lowered their profit forecast for the current fiscal year, as rising fuel costs and a series of disasters affect airlines worldwide. [1681 words]

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This report contains the following subheadings:

• Virgin Blue warns of full year loss on high fuel costs and the Christchurch earthquake and Queensland flooding crises
• Loss follows profit in previous financial year, first half of this year
• Qantas meanwhile still expects full year profit
• Jet fuel costs add AUD50 million to costs over past six weeks
• Virgin Blue implements fuel surcharges and increasing hedging cover
• Current conditions validate ‘Game Change Strategy’: CEO
• Air New Zealand cautions of Christchurch impact; Moody's downgrades Air New Zealand outlook to 'negative'

This report contains the following charts and tables:

• Movements in the jet fuel price index over the past four weeks
• IATA Weekly fuel assessment across the regions: 11-Mar-2011
• Jet fuel and crude oil price: Jan-2003 to Jan-2011