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4-Traders Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  Air New Zealand Limited    AIR   NZAIRE0001S2

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Air New Zealand Limited : Volcanic Ash - Update 6

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06/16/2011 | 12:15am CEST

The New Zealand Metservice has advised that low areas of ash down to 10,000ft continue to cover parts of the east coast of the South Island affecting flights into and out of Invercargill, Dunedin and Christchurch only.

A total of eleven services were cancelled yesterday evening into and out of these airports as a result.

“Since areas of ash arrived in our airspace on Sunday, Air New Zealand has been working closely with CAA and Metservice to ensure flight paths continue to avoid areas of ash, however ash at these new low levels gives us no choice but to cancel some services this morning,” says General Manager Airline Operations and Safety and Chief Pilot Captain David Morgan.

All domestic services up until midday today are cancelled to and from:

  • Invercargill
  • Dunedin
  • Christchurch

Trans-Tasman services from Christchurch up until midday today are on hold - this affects the following flights:

  • NZ895 Christchurch-Melbourne which was due to depart at 0900
  • NZ803 Christchurch-Brisbane which was due to depart at 0910

A further update will be provided before midday.

“Air New Zealand will not fly through ash and will continue to take guidance from CAA and the Metservice to ensure we can carry passengers where safe routes and altitudes are available,” says Captain Morgan.

Air New Zealand has operated almost 2,000 flights and carried approximately 100,000 passengers since ash arrived in New Zealand airspace on Sunday.

Ends

Issued by Air New Zealand Public Affairs ph +64 21 747 320

Air New Zealand is proud to be a member of Star Alliance. The Star Alliance network was established in 1997 as the first truly global airline alliance to offer worldwide reach, recognition and seamless service to the international traveller. Its acceptance by the market has been recognised by numerous awards, including the Air Transport World Market Leadership Award, Best Airline Alliance by both Business Traveller Magazine and Skytrax. The member airlines are: Adria Airways, Aegean Airlines, Air Canada, Air China, Air New Zealand, ANA, Asiana Airlines, Austrian, Blue1, bmi, Brussels Airlines, Continental Airlines, Croatia Airlines, EGYPTAIR, LOT Polish Airlines, Lufthansa, Scandinavian Airlines, Singapore Airlines, South African Airways, Spanair, SWISS, TAM Airlines, TAP Portugal, Turkish Airlines, THAI, United and US Airways. Air India, Avianca-TACA, Copa Airlines and Ethiopian Airlines have been announced as future members. Overall, the Star Alliance network offers 21,000 daily flights to 1,160 airports in 181 countries.

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Financials ( NZD)
Sales 2016 5 325 M
EBIT 2016 888 M
Net income 2016 611 M
Debt 2016 1 034 M
Yield 2016 9,70%
P/E ratio 2016 4,07
P/E ratio 2017 4,62
EV / Sales 2016 0,66x
EV / Sales 2017 0,65x
Capitalization 2 481 M
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Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 2,42  NZD
Spread / Average Target 9,4%
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Managers
NameTitle
Christopher M. Luxon Chief Executive Officer
Antony John Carter Chairman
Bruce Parton Chief Operations Officer
Robert Stuart McDonald Chief Financial Officer
Paul Jonathon Bingham Independent Non-Executive Director
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