Air New Zealand sees more turbulence

Air New Zealand's Chairman, John Palmer, and CEO, Rob Fyfe, addressed (23-Sep-09) shareholders at the carrier's annual shareholder meeting on 23-Sep-09. Mr Palmer attributed the carrier's performance amid the global financial downturn to Air New Zealand's decision to cut capacity and increase non-aeronautical revenues, and believes the "difficult conditions" will continue into 2010. Mr Fyfe added that management is currently further reviewing the carrier's business structure, to determine how to position for the future. [more]

Air New Zealand: "The current operating environment remains turbulent...The Australasian market is not immune from this and until supply is aligned with demand, the airline sector will not achieve a satisfactory commercial performance." John Palmer, Chairman. Source: Air New Zealand, 23-Sep-09.

Air New Zealand: "Although there are some early indicators that the slump in travel demand may be showing signs of having bottomed out, it would be naive to think that there won't be bumps on the road to economic recovery. Nevertheless, Air New Zealand is well positioned to move quickly to increase its share of the travel dollar in all markets we choose to operate in." Rob Fyfe, CEO. Source: Air New Zealand, 23-Sep-09.