Air New Zealand (ASX:AIZ) carried just 15 passengers in April

Company News

by Rachael Jones

Air New Zealand (ASX:AIZ) carried a total of 15 passengers in April, 98.9 per cent fewer than usual.

The airline has already implemented a number of actions across every aspect of its cost base and capital expenditure portfolio, including labour reductions of approximately 30 per cent, or 4,000 employees, which is expected to drive annualised savings of $350 to $400 million.

They also reduced the executive team by 30 per cent.

Revenue passenger kilometres dropped 98 per cent to 60 and available seat kilometres fell 93.5 per cent to 232 while passenger load factor fell 60.2 points to 25.8 per cent.

It said that fuel consumption forecasts as subject to significant fluctuations and it won't be releasing a quarterly fuel hedge update for the May quarter.

Shares in Air New Zealand (ASX:AIZ) are trading 1.1 per cent higher at $1.33.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.