Air NZ shares hit 3-month low; earnings downgrade puts tourism under microscope

Tue, 29 Jan 2019

By Paul McBeth Jan. 30 (BusinessDesk) - Air New Zealand shares sank to a three-month low after the national carrier warned annual earnings will drop by as much as 37 percent, with softer tourism and slowing domestic travel restraining revenue growth. The shares fell as much as 15 percent to $2.80, and were recently at $2.91, down 36 cents in early trading. Air NZ cut its forecast for pre-tax earnings to $340-400 million in the year ending June 30, blaming ongoing issues with the Rolls Royce engines that have disrupted schedules. At the s...

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