Air NZ CEO overseas for a 'run-of-the-mill' presentation

By CHRIS DANIELS

A presentation to the London investment community by Air New Zealand chief executive Ralph Norris was simply a run-of-the-mill part of investor relations, says the airline.

Norris spoke of looking into "other options" than a Qantas buy-in at last month's annual shareholders meeting.

Last week he gave a presentation of the airline's fortunes and prospects to an investment banking seminar in London, organised by merchant banker CS First Boston.

Norris told the bankers and brokers that the airline needed to establish a sustainable, profitable model and regain passenger feed from Australia. Load factors were up by just under 4 per cent and he was predicting a net profit after tax of $17 million for the quarter.

The introduction of the budget Air NZ Express service in November had been well received, he said, with internet sales increasing from 4 per cent to 45 per cent.

Despite Norris' recently saying he wished to see the Qantas issue resolved by Christmas, he has spent the past couple of weeks travelling overseas, visiting Los Angeles and London. Any suggestion he was travelling in search of a white knight with deep pockets to rescue our national flag carrier from Qantas has been scotched by the airline's public relations department.

"I don't think you can read too much into it," said airline spokesman Mark Champion. "He did present at the conference in London, where a number of large New Zealand companies were represented and invited to present."

The conference was aimed at "spotlighting New Zealand business", along with "business opportunities for a largely investor audience".

The purpose of the address was simply to talk about the Air New Zealand business as it stood and not part of a world capital-raising tour.

It was the first time Norris had, since taking over as chief executive last year, been able to visit branch offices in Los Angeles and London.

First NZ Capital research head Rob Bode said the London event was part of the regular investment relations programme of large New Zealand corporates.

Air New Zealand, Telecom, Carter Holt Harvey, Sky City, The Warehouse and Infratil were represented.