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Air NZ lowers full year earnings forecast

Tue May 27, 2008 11:55pm EDT

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WELLINGTON, May 28 (Reuters) - National carrier Air New Zealand (AIR.NZ) said on Wednesday it expected its full year earnings to be at least 25 percent below last year's level because of higher fuel costs.

The airline said it now expected earnings before tax and unusuals for the 2008 year to be below NZ$200 million ($157 million).

In April it said it expected full year earnings to be between NZ$200 million and NZ$220 million, compared with 2007 earnings of NZ$268 million.

Shares in Air NZ, around 77 percent owned by the New Zealand government, last traded steady at NZ$1.14 after trading between NZ$1.09 and NZ$3.13 over the past 12 months. ($1=NZ$1.27)



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