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Article: Virgin's profit warning takes its toll on Patrick Corp.(Virgin Blue Airlines)(Brief Article)
- Article from:
- Australasian Business Intelligence
- Article date:
- March 24, 2005
CopyrightCOPYRIGHT 2005 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mar 23, 2005 (The Sydney Morning Herald - ABIX via COMTEX)
There are fears that Patrick Corporation could be dragged down by a lacklustre Virgin Blue. On 22 March 2005, Virgin Blue published a profit warning and shares in Patrick dipped by $A0.15 to $A6. Patrick has recently pursued Virgin Blue and now has a 51.6% stake in the budget carrier. A number of analysts have now issued downgrades for Virgin Blue. The picture has been made worse because there are signs that Pacific Blue, a subsidiary of Virgin Blue, is struggling to fill seats. One group that will not exit from its shareholding in Virgin Blue is the Virgin Group. Sir Richard Branson has indicated that the group ...