Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Air NZ reiterates 2013 pretax earnings to more than double

Air New Zealand reiterates target for 2013 pretax earnings to more than double

Nov. 28 (BusinessDesk) - Air New Zealand, the airline slated for a selldown by its government owner, has reiterated its target for full-year earnings to more than double, driven by a rebound in the first six months of the year. The shares rose after the announcement.

The Auckland-based company first gave the forecast with the release in late August of its full-year results, saying it was based on the assumption of market demand and fuel prices at elevated levels. Normalised earnings before tax were $91 million in 2012, so the prediction implies a 2013 result of at least $182 million.

The airline’s guidance for the first half, ending Dec. 31, was for normalised earnings in a range of $120 million to $140 million, a recovery from the same period last year, when high fuel costs and a fall in international passenger numbers cut pretax earnings to just $33 million.

The shares climbed 1.6 percent to $1.265 on the NZX today and have climbed 38 percent this year. The stock is rated ‘outperform’ based on the consensus of seven recommendations compiled by Reuters, with a price target of $1.41.

The first-half forecast implies a weaker second half, which the airline says follows its traditional seasonal pattern.

Air New Zealand, which is 73 percent-owned by the Crown, is among five of the state-owned assets that the National-led government has earmarked for a sell down over the next five years.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news