Air New Zealand profits more than double in 1HFY2013, second half to be better than previous year

Air New Zealand revenue up 3% - financial highlights for six months ended 31-Dec-2012:

• Revenue: NZD2369 million (USD1933 million), +3.4% year-on-year;
  • Passenger: NZD1930 million (USD1575 million), +3.5%;
  • Cargo: NZD164 million (USD134 million), +8.6%;
• Costs: NZD1905 million (USD1554 million), -1.2%;
  • Fuel: NZD633 million (USD517 million), +4.5%;
  • Labour: NZD531 million (USD433 million), -0.6%;
• Profit before tax: NZD141 million (USD115 million), +161%;
• Net profit: NZD100 million (USD81.6 million), +163%;
• Passenger numbers: 6.8 million, +0.6%;
• Load factor: 93.2%, +0.4 ppt;
• Yield: NZD 13.6 cents (USD11.1 cents), +0.3%;
• Cost per ASK: NZD11.2 cents (USD 9.1 cents), +4.7%;
• Cost per ASK excl fuel an foreign exchange hedges: NZD 7.48 cents (USD 6.1 cents), +2.5%;
• Total assets: NZD5431 million (USD4431 million), -0.5% when compared to period ended 30-Jun-2012;
• Cash and short term deposits: NZD1075 million (USD877 million), +4.5% when compared to period ended 30-Jun-2012;
• Total liabilities: NZD3679 million (USD3002 million), -2.4% when compared to period ended 30-Jun-2012. [more - original PR]

*Based on the average conversion rate at USD1 = NZD1.2256

Air New Zealand: "Based on our current forecast of market demand and fuel prices at current levels, we can expect normalised earnings before taxation for the second half of the 2013 financial year will comfortably exceed the corresponding period." Source: Company statement, 28-Feb-2013.