Fuel/Disasters Smash Virgin

The Virgin group has been smashed by the volatile high pricing of fuel, as well as less passenger numbers due to natural disasters in Queensland and New Zealand reporting today they expect a full year loss of between $30M and $80M.

The extra rise in the last six weeks spurred by escalating tensions in Libya has added $50m to the Brisbane-based group's second-half fuel costs. The Christchurch earthquake is expected to have a $15m impact, it said.

As a result of this forecast Virgin shares dropped in early trade as investors looked to offload the company.

Read the full articles on the profit forecast HERE and the share price drop HERE - both from Dow Jones Newswire writer Don Kelly via theaustralian.com.au