Air NZ blames fuel, engine issues as profit falls 31%
Air NZ has cited higher fuel costs, the Rolls-Royce Trent 1000 engine issues, and a lower demand environment in the second half as drivers of a 31% fall in its underlying earnings to NZ$374m (US$239m) for the year ended June 30. While the underlying result was consistent with its last guidance of exceeding $350m issued in March, it was down significantly from the $425m to $525m figure that was issued at the end of June 2018. “While we are disappointed that we did not meet the expectations we first set for ourselves at the start of the financial year, the fact is we are operating in a different demand environment than we were 12 months ago. To have achieved a solid result despite these headwinds speaks volumes about the extraordinary dedication and commitment of our people," says chairman Tony Carter. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-23/star/air-nz-blames-fuel-engine-issues-as-profit-falls-31
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Air NZ blames fuel, engine issues as profit falls 31%
Air NZ has cited higher fuel costs, the Rolls-Royce Trent 1000 engine issues, and a lower demand environment in the second half as drivers of a 31% fall in its underlying earnings to NZ$374m (US$239m) for the year ended June 30. While the underlying result was consistent with its last guidance of exceeding $350m issued in March, it was down significantly from the $425m to $525m figure that was issued at the end of June 2018. “While we are disappointed that we did not meet the expectations we first set for ourselves at the start of the financial year, the fact is we are operating in a different demand environment than we were 12 months ago. To have achieved a solid result despite these headwinds speaks volumes about the extraordinary dedication and commitment of our people," says chairman Tony Carter. <br/>
