Air New Zealand Reports Improved Profit Outlook

Tue 30 April 2002
In a statement today to the New Zealand and Australian Stock Exchanges, Air New Zealand Chairman John Palmer said: “Air New Zealand has experienced significant improvements in tourist traffic, a recovery in passenger numbers generally and cost reduction initiatives which have resulted in trading performance over the past two months being considerably better than the previous outlook.

“Air New Zealand on current estimates now expects to comfortably exceed the previous forecast of a full-year loss of NZ$63.4 million (before Unusuals and Tax) by achieving a full-year result near to breakeven at the Profit Before Unusuals and Tax level.

“The final result is still clearly subject to the volatility of the industry, and the seasonal weakness traditionally experienced over the final three months of the financial year,” Mr Palmer said.