Air NZ, Qantas shares fall as rising oil prices paint tougher outlook

Thu, 23 Aug 2018

By Rebecca Howard Aug. 23 (BusinessDesk) - Shares of trans-Tasman rivals Air New Zealand and Qantas Airways fell after the national carriers both warned the rising cost of fuel will weigh on upcoming earnings, despite their respective success in the latest period. Auckland-based Air NZ said pre-tax earnings were $540 million in the year to June 30 versus $527 million in the prior year. The company had expected to improve on 2017 earnings based on an average jet fuel price of US$60 per barrel. The price, however, increased 25 percent to U...

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