So
VB made approximately $113 mil in the first half of FY07/08 and then made approximately $97 mil for the whole of FY 07/08. That translates to a loss of $15 mil in the last half of the FY.
In a year when the debt burden doubled the revenue only increased by a meager 10% ish.
The soon to be released half yearly results for FY08/09 will be very interesting to read.
Of the $600 mil in the bank $215 mil is reserved capital for the funding covenants. V Australia is coming at a terrible time for the company right in the middle of the slowest passenger time of the year, both domestically and internationally.
At least the oil price has come down however I don't believe that will be enough to prevent a full year operating loss in 08/09 once VA is operating.
I hope they are able to delay aircraft 3 and 4.
I would not be expecting any improvement in the share price for some time yet. Not until the global economy is well and truly on the upswing.