Virgin Blue shares tumble in Sydney on profit warning

HONG KONG (MarketWatch) — Shares of Australian airline Virgin Blue Holdings plummeted 18% in Sydney trading Monday, after the company warned Friday that its annual net profit could drop sharply. Net profit for the year ending June 30 “will not be in excess of A$140 million ($128.8 million),” excluding A$40 million in development costs, wrote Virgin Blue in a statement. In the year ended June 30, 2007, it posted a net profit of A$216 million. Shares of Toll Holdings , which owns 63% of Virgin Blue, tumbled 13.6%.
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