Air NZ shares fall 5% on profit warning
Airline no longer expects to be profitable in the second half of its financial year.
Air New Zealand no longer expects to be profitable in the second half of its financial year.
The airline today said the economic impact of the Christchurch earthquake was more severe than earlier expected, while revenue would also be hit by the earthquake and tsunami in Japan, which was an important market.
Based on current fuel prices and demand trends it did not expect to be profitable in the second half year and full year normalised earnings were expected to fall below $100 million, Air New Zealand said today.
The company's shares (NZX: AIR) were down just over 5% in early trading to $1.13.
NZPA
Tue, 15 Mar 2011
Tue, 15 Mar 2011
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Air NZ shares fall 5% on profit warning
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