Air New Zealand withdraws 2020 earnings guidance due to coronavirus impact
FILE PHOTO: The logo for Air New Zealand is displayed at their office located at Sydney International Airport, Australia, June 20, 2017. REUTERS/David Gray/File Photo
New Zealand’s flag carrier cut its total overall network capacity by about 10%, and capacity on flights to Australia by 7%. “The airline now believes that the financial impact is likely to be more significant than previously estimated and, with the situation evolving at such a rapid pace, the airline is not in a position to provide an earnings outlook ...,” it said in a statement.
CEO Greg Foran has offered to reduce his base pay by about 15%, while the company’s executive team will extend a freeze on its salaries that has been in place since May 2019, the airline said.
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