Air New Zealand expects earnings to exceed NZ$525 mln in 2017

Air New Zealand Thursday upwardly revised its outlook for 2017, saying it expected earnings before tax to exceed NZ$525m ($371.81m). The airline had said when reporting its half-year results in February that it forecast full-year earnings of NZ$475m to NZ$525m. "Our growth has been supported by robust demand drivers that are expected to remain strong for the foreseeable future," the company said in a presentation to investors, released on the stock exchange. It singled out New Zealand's fast-growing economy, which was prompting domestic demand, as well as record numbers of tourists entering the country as the main factors underpinning the forecast strong results. "The growth of Air New Zealand has been in concert with the growth in tourism to New Zealand," CE Christopher Luxon said. Nevertheless, Luxon said, that ten new airlines had entered the market in the past few years and the environment was becoming much more competitive.<br/>