VBA has said they expect the increased cost of fuel to cost them...

VBA has said they expect the increased cost of fuel to cost them an extra $159 million in the year to Sep 2005 compared to pcp.

If one assumes they carry about 1 mill pax per month (from their operating stats) and then use the fuel surcharges that have been/are in place for this current year, these surcharges should rake in about $190 million in this current year.

On this basis they aren't hurting as bad as the market thinks?