Strong growth in scheduled airlines is expected to drive the positive performance of airlines over the forecast period. The review period saw the number of airlines servicing New Zealand grow strongly, which in turn drove sales growth.
In January, Air New Zealand announced a downgrade in its forecast profit before tax to between NZD340 million and NZD400 million for the financial year to 30 June, down from the previous forecast of NZD425 million to NZD525 million. While the company continued to face ongoing operational disruptions due to problems with Rolls-Royce engines on its 787 Dreamliners, the company identified a drop in the rate of growth in key markets as the reason for the poorer performance.
While tourism in New Zealand remains a buoyant industry – with strong international demand leading it to be one of the country’s top export earners – increasing fuel prices have placed increased commercial strain on the operating models of airlines, despite strong demand for air travel in New Zealand. The cost of fuel accounts for between 24% and 33% of operating costs for most airlines, depending on the proportion of domestic and international routes and fares have steadily increased in recent years to accommodate increased input costs.
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