Hey kitsune,
well I must admit I am surprised. How we went from making only $400m or so from hedging when prices were rising to losing $2.8billion when prices were falling, is beyond me. Some very strange hedging practices - minimal on the way up and lots on the way down! Still, if fuel stays around current levels, CX will be making a killing from the fuel surcharges and the last quarter fuel bill should be around $5billion less so that should counterbalance the loss on the hedge book and falling revenue.
So whilst still a brave prediction, I still think we will be profitable, at the operating level anyway. Who knows, they may do with the 772s what they did with the classics - write them down to 'create' a loss.