VAH lost about $160m in the second half last year, about $185m...

VAH lost about $160m in the second half last year, about $185m overall. Despite the $4m profit this half, VAH could still lose $100m this FY even with an improving second half.

I suspect the market was hoping they could turn a profit, or at least break even, with their half of the Australian market. Possibly show some performance like QAN.

So I think VAH will stay in a holding pattern until they show the ability to make some money.