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AIR NEW ZEALAND LIMITED

(AIR)
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End-of-day quote New Zealand Stock Exchange  -  05-19
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Virgin Australia to suspend all international flying as coronavirus sinks demand

03/17/2020 | 05:10pm EDT
FILE PHOTO: FILE PHOTO: Aircraft from Australia's second largest airline, Virgin Australia, sit on the tarmac at the domestic terminal of Sydney Airport

Virgin Australia Holdings Ltd said on Wednesday it would suspend all international flying from March 30 to June 14 and cut its domestic capacity in half because of government travel restrictions and lower demand because of the coronavirus.

Australia's No. 2 airline will ground the equivalent of 53 aircraft from its fleet, including all of its widebody jets.

"We have entered an unprecedented time in the global aviation industry, which has required us to take significant action to responsibly manage our business while balancing traveller demands and supporting the wellbeing of Australians," Virgin Chief Executive Paul Scurrah said in a statement.

"Wherever possible, we will aim to avoid redundancies by fast-tracking measures such as the use of accrued leave, leave without pay and redeployment," he said of the impact on staff.

Australia and New Zealand over the weekend said all international arrivals would need to self-isolate for 14 days, in a move that also led rivals Qantas Airways Ltd and Air New Zealand Ltd to make drastic cuts to capacity.

Virgin is in the weakest financial position of the three carriers. S&P Global Ratings downgraded its credit rating on Virgin to B- and placed it on creditwatch negative.

(Reporting by Jamie Freed; Editing by Sandra Maler and Grant McCool)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIR NEW ZEALAND LIMITED 0.00% 0.66 End-of-day quote.-56.29%
LETS HOLDINGS GROUP CO., LTD. -0.15% 6.49 End-of-day quote.-11.10%
LOOK HOLDINGS INCORPORATED 0.31% 1599 Delayed Quote.31.17%
QANTAS AIRWAYS LIMITED 1.83% 5.56 Delayed Quote.10.98%
All news about AIR NEW ZEALAND LIMITED
05/17Infratil Names New Chair
MT
05/17Explore more of Japan with All Nippon Airways via the airasia Super App
AQ
05/17Positive year of recovery for wellington airport
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05/08Air New Zealand Limited Reports Operating Results for the Month and Financial Year to D..
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05/02Govt and Air New Zealand to trial innovative and accurate new COVID-19 test
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05/02Tears and chocolate as New Zealand opens its borders to 60 more countries
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05/01ARRIVAL OF VISA-WAIVER VISITORS MARK : Air New Zealand
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Financials
Sales 2022 2 423 M 1 547 M 1 547 M
Net income 2022 -570 M -364 M -364 M
Net Debt 2022 2 731 M 1 743 M 1 743 M
P/E ratio 2022 -2,46x
Yield 2022 -
Capitalization 2 223 M 1 419 M 1 419 M
EV / Sales 2022 2,04x
EV / Sales 2023 0,80x
Nbr of Employees 8 000
Free-Float 89,8%
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Mean consensus UNDERPERFORM
Number of Analysts 4
Last Close Price 0,66 NZD
Average target price 0,76 NZD
Spread / Average Target 15,5%
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Managers and Directors
Gregory S. Foran Chief Executive Officer
Richard Thomson Chief Financial Officer
Therese Maria Walsh Chairman
Alexandria Panot Marren Chief Operating Officer
Jonathan Parker Mason Independent Non-Executive Director
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