Malaysia Airlines steady after better than expected earnings, Air NZ buoyed by optimistic outlook
Malaysia Airlines posted a full-year net profit of MYR244 million, which exceeded market expectations, including its tenth consecutive quarterly profit of MYR46 million in the fourth quarter. Managing Director & CEO, Idris Jala, stated it was a "solid performance". Investors seem unconvinced, with the airline's shares steady yesterday.
Meanwhile, Air New Zealand's shares rose 5% as management signaled a "significant improvement" in second half earnings, reflecting deep capacity cuts, lower fuel costs and favourable currency hedges. ABN AMRO reiterated its "buy" rating on the stock with a target price of NZD1.50, stating the carrier would "fly counter-cyclically to the rest of the economy".
Asia Pacific selected airlines daily share price movements (% change): 26-Feb-09