2332 GMT - For Air New Zealand, FY27 is likely to be another tough year before the benefit of normal aircraft availability and scale come through. That's the view of Macquarie, which retains an "underperform" call on Air New Zealand's stock. The carrier has raised airfares to try and mitigate fuel costs. Still, Macquarie notes that recent operating data show limited overall improvement in the trajectory of revenue per average seat kilometer, a key industry metric. "We think elasticity in domestic and outbound will be challenging given economic backdrop, while inbound given currency and offshore economies may allow for improved cost recovery," says Macquarie. Its earnings outlook for FY27 falls 21%. Air New Zealand is down 1.1%, at NZ$0.435 today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

June 30, 2026 19:32 ET (23:32 GMT)

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