I'm just wondering where the additional profit is coming from. People on this thread are predicting 30-35cps profit in the next couple of years but I just don't see it happening.
From memory, much of the additional profit growth came efficiencies rather than actual growth in passenger numbers or revenue. I might be generalising a little though (I could spend an hour going through the annual report to try and back this up but maybe another time).
In the 5 major markets that they serve, there was only growth in two of them. Efficiencies are good but they aren't a sustainable method of growing the business over the long-term, especially for a business like Air NZ that is supposedly running pretty lean already.