Shares in Qantas, Virgin Blue and Air New Zealand fell back yesterday, in line with softer equity markets around the region.
Virgin Blue eased 1.6% yesterday, despite unveiling a better-than-expected result in the six months to Dec-2009 (1HFY2010), returning to profitability in a challenging operating environment. The carrier reported a net profit after tax of AUD62.5 million (USD55.8 million) in the six months ended Dec-2009 (1HFY2010), for a net margin of 4.1% (compared to a net margin of -7.5% in the previous corresponding period), aided by strict cost control efforts and improved domestic yields.
See related report: Virgin Blue's better-than-expected profitability in 1HFY2010; Expects tougher second half
Air New Zealand slipped 1.5% as it unveiled weaker yields in Jan-2010, despite strong capacity cutbacks. See related report: Air New Zealand’s yields remain depressed in Jan-2010
Qantas shares eased 0.4% yesterday, after last week’s big falls following market disappointment over its full-year earnings outlook.
Kingfisher gains on oneworld
Elsewhere, Kingfisher gained 2.2% the day after its oneworld alliance announcement, while Jet Airways fell again, by 2%. See related report: Kingfisher Airlines’ big win; shifts alliances landscape in Asia with oneworld move. BA to invest?
Asia Pacific selected airlines daily share price movements (% change): 24-Feb-2010
Source: Centre for Asia Pacific Aviation & Reuters