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AIR NEW ZEALAND LIMITED

(AIR)
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Air New Zealand Says Long-Haul Travel Won't Meaningfully Recover in Next Year

06/17/2021 | 03:30pm EDT

By Stephen Wright

WELLINGTON, New Zealand--Air New Zealand Ltd. said its losses over two financial years will reach about 900 million New Zealand dollars ($630 million) as the pandemic prevents a meaningful recovery in its international business in the next 12 months.

The airline on Friday also said it has delayed the start of deliveries of new Boeing 787 Dreamliner aircraft until its 2024 financial year.

Air New Zealand expects a loss before significant items and tax of NZ$450 million for its current financial year and a comparable loss in the subsequent financial year ending June 2022.

"The airline is not expecting any meaningful recovery in long-haul demand in the 2022 financial year notwithstanding the rollout of global vaccination programs and the potential for long-haul borders to begin reopening progressively in the second half of the financial year," it said.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

06-17-21 1730ET

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Financials
Sales 2021 2 615 M 1 833 M 1 833 M
Net income 2021 -231 M -162 M -162 M
Net Debt 2021 3 286 M 2 303 M 2 303 M
P/E ratio 2021 -7,32x
Yield 2021 -
Capitalization 1 695 M 1 183 M 1 188 M
EV / Sales 2021 1,90x
EV / Sales 2022 1,18x
Nbr of Employees 9 988
Free-Float 47,2%
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Mean consensus SELL
Number of Analysts 5
Last Close Price 1,51 NZD
Average target price 1,24 NZD
Spread / Average Target -17,9%
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Managers and Directors
Gregory S. Foran Chief Executive Officer
Richard Thomson Chief Financial Officer
Therese Maria Walsh Chairman
Carrie Hurihanganui Chief Operating Officer
Janice Amelia Dawson Deputy Chairman