Air New Zealand results decline in H1FY2017, expects improvements in 2H

Air New Zealand revenue down 4% - financial highlights for six months ended 31-Dec-2016:

• Revenue: NZD2584 million (USD1851 million), -4.2% year-on-year;
• • Passenger: NZD2215 million (USD1587 million), -4.0%;
  • Cargo: NZD171 million (USD122.5 million), -8.6%;
• Costs: NZD1886 million (USD1351 million), -0.1%;
• • Labour: NZD623 million (USD446 million), +0.6%;
  • Fuel: NZD390 million (USD279.4 million), -19.4%;
• Operating profit: NZD698 million (USD500 million), -13.9%;
• Net profit: NZD256 million (USD183 million), -24.3%;
• Yield:
• • Domestic: NZD 25.9 cents (USD 18.6 cents), -5.5%;
  • Tasman and Pacific Islands: NZD 115 cents (USD 8.2 cents), -5.2%;
  • International: NZD 9.4 cents (USD 6.7 cents), -12.0%;
• Total assets: NZD7291 million (USD5223 million);
• Bank and short-term deposits: NZD1288 million (USD923 million);
• Total liabilities: NZD5255 million (USD3765 million). [more - original PR]

*Based on the average conversion rate at NZD1 = USD0.716405

Air New Zealand: "As we look to the second half of the financial year, we expect that the revenue environment will improve from the first half of the year. However, higher jet fuel prices will be a headwind," Tony Carter, Chairman. Source: Company statement, 23-Feb-2017.