airlines are booming record numbers , page-50

VBA will most likely make a loss. This has been factored in. What people are forgetting is that fuel costs are an average for the year.

That is why, the AGM will show that fuel costs for the year were alot higher than the previous year.

Most are factoring in a loss of $60m-$100m from emmory for next year (admittedly this is based upon oil prices of $110 per barrel).

So, while oil is coming off, I would think at best VBA will breakeven over the next 12 months. Make no mistake, this will be an excellent result based upon expectations and a current share price which seems to be assuming the absolute worse.

Also, they are forecast to lose approx $40m from memory on the new flights to US in Yr1. So the delay in receiving the actual planes is probably a bonus.

I am hoping Friday's meeting will provide an indication on how much they have made on the oil collar. I estimate approx $100m-$120m. This would be a great kicker.

So, all in all, passenger numbers will conitinue to decline (although I suspect they will not topple), but the fall in fuel and the gain on the collar should see VBA become re-rated. I think it is very very cheap at current prices and would expect them to settle around the 60c level over the next 3-6 months. Just my opinion guys.

best of luck with it