what am i missing?, page-9

cost cutting and productivity gains They seem to have done a very good job here - passanger volumes are up margins down - oil prices up but 50% hedged at undisclosed ( i think) levels. I think QAN is actually benefitting from increased tourism movements and cheaper fares - it employees more people and some of their fly bys and other reward schemes are attracting interest. As a shareholder the dividend might be a bigger attraction than the capital growth - future years a Air NZ merger could happen which would open up further consolidation and cost cutting / productivity.