nah not Singapore.
the 787 will be put on Perth, Shanghai and Tokyo.
The first of the refurbished 777-200 came back into service in the last few days and its expected to be put on the Singapore route
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Thanks for that. Are you hearing the new Dreamliner is a couple of percent off on its contracted performance targets, (I'm hearing a wisper of that). A bit heavier than it should be ?
Nah haven't heard that. Shouldn't performance targets be measured when it starts the long haul flights? 10-11 hour flights when its at cruising altitude for longer.
link below re singapore.
http://theflyingsocialnetwork.com/si...new-zealand-si
AIR beatup on NewsTalkZB this morning over regional fares. Lots of people moaning about the lack of competition.
Air New Zealand is set to announce a sharp increase in profit this week which the airline will welcome as a shift in focus from the negative publicity that has hit it this year.
http://www.nzherald.co.nz/business/n...ectid=11313674
$262m Net Profit and a 10c special dividend
Way to go!
YEAH BOY!! special div thank you very much! I called it first! :)
Fantastic results - gearing down, rev and EBITDA up and a capital return.
Very happy with this result and will be utilizing the DRP.
https://www.nzx.com/files/attachments/199366.pdf
Very strong result and very happy that the board listened to myself and a number of other shareholders that communicated with them regarding the special dividend.
Initial observations.
1. They did incredibly well from fuel and fx derivatives, net gain of $25m.
2. The current years result is after increased labour cost incl restructuring and fleet transition cost of $45m. I presume this is a one-off in regard to restructuring of the heavy maintenance division and exit of the last of the 747-400 fleet, (last flight 10 September - return 12 September). If this is indeed non-recurring this will have a strong positive impact on the 2015 underlying profit after tax.
3. Capacity growth of 6% this year
4. Moving to a young and very fuel efficient fleet.
5. fx and fuel hedging currently providing a benign operating cost outlook notwithstanding significant geopolitical risk around the globe.
I assume there is always a level of uncertainty, but with the special div and the fantastic overall result is the SP expected to go up quite a bit before dropping back down after the record date?
Also is the special div on top of the final one. Or is it instead of.
Thanks
- newbie here, this is the first (and only so far) stock I've bought.
How is the DRP price determined? and is there any discount? What are the pros or cons of acquiring via DRP?
Pros are no transaction costs, a discount to market value and potential taxation benefits.
Con is that the issue of drp shares dilutes others on market.
and its a 1.5%discount to the average trading price of the week leading up to the divie
http://www.airnewzealand.co.nz/asset...r-document.pdf
Revenue items were 25m ahead of my estimates due to stronger services and other revenue growth - really pleasing to see other revenue pick up (credit cards etc). :)
Costs were 6 million lower than my estimates, and with $45 million of transitional labour (one-offs) vs my estimate of 17m, this is a big beat! My cost forecast for next year is going down! :)
Ownership costs (depreciation + leases) were 15m above my estimate - I need to increase my assumptions here :t_down: On the bright side depreciation is non cash.. :cool:
Finance costs (interest expense less interest income) was 9m lower than my conservative estimates. :)
As a result PBT, tax, NPAT and EPS were all slightly higher than my estimates. GREAT RESULT - UPGRADES TO NEXT YEAR WILL FOLLOW
As expected cash generation was outstanding - and with an under-leveraged balance sheet they have increased the div and added a 10c special. While I would have liked the full year normal to be 7.5c + a special I can't really complain can I? On my expectations of c.30c EPS next year, they will face the same problem of how much to increase the dividend, vs special next year (tho this big special buys them some time. Their concern must be that raising the normal so fast creates expectations, and a dividend level that would prove unsustainable in a downturn.
I still think they are under-rewarding shareholders given they are spending 2.2bn! on fleet - and to give context this large dividend is only 177m... about 20% of operating cash flow.. Heaps more to go!
To the guy who wants to go in the DRP there isn't one numpty, DRP is for co's that need more cash - AIR has the opposite problem!
I haven't reset my model - will increase my estimates in the next few weeks, but my current price target is $3.00 folks (10x 30c EPS). Lets hope VAH can be turned around soon, as even though I give 0 credit to valuation for the $100's of million poured in, if it detracts from earnings (through the new accounting method), how will the market judge that?
- looking forward to my divi check
-MOD!