New Zealand News

Air NZ Pax Rise Boosts Profit Forecast

A surge in international and domestic passengers in the first three months of this year has boosted Air New Zealand’s profit forecast beyond its February estimate of no more than $NZ176m. Directors are expecting tax paid earnings in the six months to June 30 to comfortably exceed first half profits of $NZ88.1m. In line with the improved outlook, the directors informed the Stock Exchange that the annual dividend was expected to be 14 cents a share – up 2 cents to 8 cents for the second half, after a 6 cent payment in the first six months.

This news helped increase the airline’s share price by 23c to $NZ3.89. But with the profit revision was a note of caution from Laurie Doolan, the airline’s general manager of corporate affairs. “We’ve still got the June quarter to go and frequently we have made a loss in that period,” he warned. Some analysts believe the profit could reach $NZ200m – $NZ60.5m more than last year’s annual net profit. In April, Datex Services’ survey of eight brokers, forecasts ranged from $NZ165m to $NZ192m, with an average of $NZ178.9m.

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