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Air NZ reports a softening of corporate and domestic demand
September 29th 2023
Air New Zealand chair, Dame Therese Walsh, said the local market had softened in recent weeks amid an uncertain economic environment. Read More » Speaking to shareholders at the company's annual general meeting in Wellington this week, Dame Therese said the airline was not providing earnings guidance for the 2023/24 financial year given the uncertainty and volatility in the market at this time. "Looking ahead to the first half of the 2024 financial year, customer demand remains solid across most of our markets, noting that in recent weeks we have seen softening in corporate and domestic demand," Dame Therese said in prepared remarks. "We are mindful of the uncertain economic environment however and acknowledge there are a number of factors that may impact future customer demand and profitability. These include increased international competition, volatile fuel prices, a weaker New Zealand dollar, ongoing wage inflation, and increased airport charges.” The Star Alliance member has also been impacted by the Pratt & Whitney global engine issues.
