He noted that the company beat market expectations, even discounting a EUR 70 million ( US $ 79 million ) one-time boost from its currency hedging contracts _ designed to buffer the pain from the weaker U . S . dollar.
32.
Connors explained that as the company moved money out of longer-term fixed-income securities to prepare for the cash distribution to shareholders and in anticipation of an increase in interest rates, it had to sell its hedging contracts on those securities.
33.
In its quarterly profit report, Delta said it paid an average of 53.6 cents a gallon for fuel, up 2 cents from a year earlier _ far less than the increases at other carriers whose hedging contracts weren't as well timed.
34.
The report says the hedging contracts were apparently postdated to August 2000, when Avici's stock was at an all-time high, allowing Enron to offset the $ 75 million loss suffered when the stock price dropped in the 3rd quarter of 2000.
35.
Hedging began in earnest in the late 1980s, but serious doubts surfaced in 1999 when a sudden jump in the gold price, from $ 254 to $ 326 an ounce in less than a month, caught two miners, Cambior Inc . of Canada and Ashanti Goldfields of Ghana, with very wrong bets through hedging contracts.
36.
Neeleman, who told investors in a recent conference call that JetBlue was " rabidly focused on fuel costs, " said the company did not do as well as it could have when purchasing hedging contracts, which allow it to buy fuel at prenegotiated prices . " We should have hedged more, obviously, " he said.
37.
While at Qantas he managed the company's public response to the QF32 engine explosion incident, later attracting recognition from the pilot of the aircraft . Reportedly, he was also involved in negotiating the release of Jetstar executives in Vietnam in the wake of Jetstar Pacific losing $ US31 million on disputed fuel-hedging contracts in 2008.
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