let's recap..., page-4

Higher fuel cost = lower margins.
High wages = lower margins.
Highest cost of all major airlines per seat per kilometre.
No dividends for years.
Running on massive losses.
How will VBA break through 40c it's only had a good run because of Qantas and because Air NZ have increased there holdings.

Best to invest in Airports who make good money even in bad times and pay dividends.

VBA positive is they have formed some good alliances.