fbpx

Air NZ Financial Update – Not A Rosy Picture

What's On Invers Business News Presented by and

Air New Zealand has told the NZ sharemarket that it expects an underlying loss of up to $120 million for the financial year to 30 June.

Air New Zealand planes parked up at Auckland Airport during the Covid-19 pandemic.Air

In an update on its earnings expectations, the company said the recent move to alert level 1 has enabled the airline to slowly restart the domestic network, however revenue and earnings are significantly lower than expected prior to the Covid-19 pandemic.

It said it was now expecting an underlying operating loss of $120m.

But there are other significant one-off items which will boost the bottom line result.

The company is estimating re-structuring costs, including redundancies, will be between $140 and $160m

It has already disclosed that it expects other costs, including the write-down in the value of aircraft and losses on fuel contracts, which will be partly offset by gains on the sale of its slot at Heathrow Airport and foreign exchange gains.

The airline currently has a $900 million facility from the Crown which has yet to be drawn.

It has shed 4000 jobs across its business, and is looking at further possible redundancies as it looks to cut its wage bill by another $150m.

The carrier has repeated that even by 2022 it will be a third smaller than before the virus.

In its last financial year the airline had underlying earnings of $374m.

New Dress Rental Business Off To A Flying Start.
Business, News
2405 views
Business, News
2405 views

New Dress Rental Business Off To A Flying Start.

Malcolm Gayfer - Jul 08, 2020

A newly formed Invercargill home based business is off to a roaring start. Curvy Rentals NZ is the creation of…

New Owners & Operator For Trampoline Park
Business, News
6549 views
Business, News
6549 views

New Owners & Operator For Trampoline Park

Aimee Wilson - Jul 06, 2020

From trucks to trampolines - the HW Richardson Group just keeps on growing. The Jump ’N’ Fun Indoor Trampoline Park…

Invercargill – Auckland Direct Flights Resume Post Lockdown
Business, News
2867 views
Business, News
2867 views

Invercargill – Auckland Direct Flights Resume Post Lockdown

Malcolm Gayfer - Jul 06, 2020

Air New Zealand will resume its service today, operating on Monday, Thursday, Friday and Sunday. The first flight landed about…

New Report Reveals New Zealand’s Marketing Blind Spot: The Over 50s
Business, News
1462 views
Business, News
1462 views

New Report Reveals New Zealand’s Marketing Blind Spot: The Over 50s

News Desk - Jul 06, 2020

New Zealanders over the age of 50 represent more than a third of the population, have the highest levels of…

Historic Brick Walls Discovered In Invercargill Central Development
Business, Invercargill Central
3951 views
Business, Invercargill Central
3951 views

Historic Brick Walls Discovered In Invercargill Central Development

Malcolm Gayfer - Jun 30, 2020

Heritage Properties NZ have exposed the foundations of the first brick building in Invercargill, which was constructed in 1863 under…

Disappointing Result For Southern Steel Losing To Northern Stars
News, Sports
62 views
News, Sports
62 views

Disappointing Result For Southern Steel Losing To Northern Stars

Malcolm Gayfer - Jul 11, 2020

  The Northern Stars have proven too strong for an injury-hit Southern Steel outfit, easing out to a 48-39 national…

Downtown Invercargill A Hive Of Activity Over The Weekend
Kids & Family, News
1878 views
Kids & Family, News
1878 views

Downtown Invercargill A Hive Of Activity Over The Weekend

Aimee Wilson - Jul 11, 2020

Kids will be taking over Esk Street this weekend with games and activities all day long. The ‘Kids in the…

Toxic Mould Finally Able To Be Removed At Rugby Park
News, Sports
858 views
News, Sports
858 views

Toxic Mould Finally Able To Be Removed At Rugby Park

Aimee Wilson - Jul 11, 2020

Progress is being made towards the removal of toxic mould at Rugby Park, despite delays due to structural concerns and…

Netball – Southern Steel Shooting Woes Continue
News, Sports
631 views
News, Sports
631 views

Netball – Southern Steel Shooting Woes Continue

Southland Sports News - Jul 11, 2020

The struggles continue for the Southern Steel after 40-37 loss against the Central Pulse in the ANZ Premiership and the…

Mayoral Forum Urging Government & Rio Tinto To Continue Dialogue
Community, News
818 views
Community, News
818 views

Mayoral Forum Urging Government & Rio Tinto To Continue Dialogue

News Desk - Jul 10, 2020

The Southland Mayoral Forum is focusing on ensuring Southland communities have a strong, vibrant future no matter what the next…