news no worse than expected, page-3

In the context of the current share price, the results are very pleasing. Key metrics are all positive:

- positive operating cash flow (most important)
- migration of corporate business from Qantas
- financing for 777's
- loss results from one-off/non-recurring items
- hedging loss is just a book entry (no cashflow impact)

On top of that, they have:
- great brand
- growing frequent flyer program
- domestic duopoly
- Virgin Atlantic anchor shareholder
- cheap takeover target