June 7, 2020 / 8:47 PM / a month ago

BRIEF-Air New Zealand Announces Update On Plan For Next 800 Days

June 8 (Reuters) - Air New Zealand Ltd:

* SEE AIR NEW ZEALAND OF 2022 FLYING ABOUT 13 MILLION CUSTOMERS ANNUALLY VERSUS ALMOST 18 MILLION PRE-COVID-19

* ON JUNE 8, START PHASE 2 TO REMOVE AROUND NZ$150 MILLION ADDITIONAL FROM WAGES BILL

* SET ANNUAL RESULTS ANNOUNCEMENT IN AUG 2022 AS TARGET DATE FOR CO TO REPORT IT IS STARTING TO EARN HEALTHY PROFITS AGAIN

* REVENUE WILL SLOWLY RETURN BUT IN NEXT FY IT IS LIKELY TO BE LESS THAN HALF WHAT CO USED TO EARN

* AS SOON AS POSSIBLE, TO INVESTIGATE HOW BEST TO REDUCE LABOUR BILL

* NEED TO BRACE FOR MORE TALKS AROUND LEAVE WITHOUT PAY, REDUCED HOURS, JOB SHARE

* MAY BE ONLY 70% OF PRE-COVID-19 SIZE AS AT AUG 2022

* NEED TO BRACE FOR MORE TALKS AROUND VOLUNTARY EXITS WITH REDUNDANCIES AS LAST OPTION

* NOT FACTORING A RETURN TO LONG HAUL FLYING OF ANY NOTE UNTIL NEXT YEAR

* IN SITUATION OF NEEDING TO REDUCE WAGES BILLS FURTHER Source text here Further company coverage:

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