This month, it said its hedging position meant it was "largely unaffected by recent changes in fuel prices".
That comment was made in a news article in which consumer advocates were demanding cheaper fares after the oil price plunge.
In that context, the airline isn't going to play up the bottom-line benefits.
But this is what it had to say to shareholders on November 26: "Should the current level of jet fuel price persist, there will be significant additional improvement in earnings in the second half of the [2015] financial year."
Since then brent crude prices have fallen another 39 per cent, from US$78.20 a barrel to US$47.70 a barrel.
With talk of oil prices in the range of US$50 to US$70 a barrel becoming the "new normal", Air New Zealand and its industry counterparts could be heading into a golden age of profitability - provided their passenger numbers hold up in the face of lacklustre economic growth in many parts of the world.
Second-half strength
Changes in Air New Zealand's hedging position are expected to increase the benefits of lower fuel prices during the second half of its financial year, which began on January 1.
In a November research note, Craigs Investment Partners analyst Chris Byrne said that as of October 20, Air New Zealand was 78 per cent hedged for its fuel requirements in the first-half "with floor prices much higher than the current levels".
The airline's hedging would fall to 56 per cent during the second-half, providing much greater financial benefits provided prices didn't rise, Byrne said.
Even with the hedging challenges, Craigs' head of private wealth research, Mark Lister, reckons Air New Zealand's interim result will be solid.
"I have no doubt that [Air New Zealand] will be one of the standout results from the February reporting season," Lister said.
Craigs has forecast the airline to turn a full-year profit of $326 million in the 12 months to June 30, a 24 per cent increase on the $262 million it reported last year.
Shares in freight operators Mainfreight and Freightways have also been making gains from the fuel price decline.
Lister says it's difficult to get clarity on exactly how much of the financial benefit is staying with these firms and how much is being passed on to customers.
"I think it's still a net positive for them although not to as great a degree as Qantas or Air New Zealand."
Aussie dollar headwinds
Recent weakness in the aussie dollar - largely a result of the commodity price slump - could negatively affect NZX-listed firms that earn revenue across the Tasman and report in New Zealand dollars.
The kiwi gained almost 8 per cent against its Australian counterpart between October 31 and New Year's Eve, jumping from A88.61c to A95.45c.
It made further gains earlier this month, rising above A96c, but has since lost ground to be trading at A92.85c at 1pm yesterday.
In a January 19 research note, Craigs analyst Roy Davidson said notable companies with significant exposure to Australia, which are due to report earnings over the next couple of months, included A2 Milk (96 per cent of revenue earned in Australia), pharmaceutical distributor Ebos (78 per cent) and retailers Kathmandu (63 per cent) and Pumpkin Patch (62 per cent).
"It will pay to keep an eye on upcoming earnings announcements to get an indication of what impact a weaker [or stronger] Australian dollar may have on these companies," Davidson said.
"If the New Zealand dollar stays strong against the Australian dollar over the course of the year, then earnings will continue to be [adversely] affected. However, if the New Zealand dollar slips back, it will affect the earnings for a relatively short period."
On the other hand, he said, the currency situation could provide a boost for companies that earn revenue overseas and report in aussie dollars. These include jewellery retailer Michael Hill, shopping mall operator Westfield and packaging manufacturer Amcor.
No mercy
The market appears to be in no mood for pre-results season earnings downgrades.
This is highlighted by TeamTalk's share price, which fell off a cliff last Friday after the telecommunications firm said it was going through a "difficult period" and had been forced to revise down first-half profit expectations.
Earnings before interest, tax, depreciation and amortisation (ebitda) would be about $6 million, down from $7.7 million last year, and net profit would be "only marginally positive" compared with $2.2 million a year earlier, the company said.
The announcement sent TeamTalk shares plunging - down 32 per cent to close at $1.15 on Friday. They declined even further on Monday, closing at 90c, before regaining ground to close at 97c last night. Shares in retailers Kathmandu and The Warehouse Group also took a pummelling after recent downgrades.
But investors are also willing to reward earnings upgrades.
NZX-listed Heartland New Zealand shares jumped to a record $1.30 during trading on Wednesday, before closing up 5.9 per cent at $1.26, after the bank raised its full-year forecast to a range of $46 million to $48 million, up from a previous estimate of $42 million to $45 million.
The company's shares closed steady at $1.26 yesterday.
