Shares of Virgin Blue Holdings Ltd., Australia's second-largest airline, plunged to a record low Monday after the company dropped its annual profit forecast due to rising fuel costs and tough competition. Virgin Blue shares closed down 21.62 percent, or 24 Australian cents, to 87 cents, hitting a record low of 86.5 cents during the day.The airline's shares listed at A$2.25 in December 2003.
The drop came after Virgin Blue warned late Friday that its net profit would be significantly lower than last financial year.
The airline now expects a net profit of no more than A$140 million ($129 million; €81.48 million) in 2007-08, compared to the A$216 million ($199 million; €126 million) the company posted the year before.
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