Air New Zealand Delivers Modest Earnings Growth in Fiscal 2018 Despite Spike in Fuel Cost
Air New Zealand reported fiscal 2018 net profit after tax of NZD 390 million, up 2% on the prior year and in line with our estimates. This is a solid result, given the 20% jump in fuel costs, and the intense competition on the international routes. We maintain our NZD 2.60 per share fair value estimate, along with our no-moat rating. We still believe the stock is overvalued at the current price, and we expect higher fuel prices to weigh on near-term earnings. The board declared a final dividend ...Air New Zealand is engaged in the transportation of passengers and cargo on an integrated network of scheduled airline services to, from and within New Zealand. Through its subsidiaries, Co. is also engaged in aviation, aircraft leasing and financing, investments, and engineering services. Co.'s geographical segments are New Zealand, Australia and Pacific Islands, United Kingdom and Europe, Asia, and America.
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