You lot bleating about fuel prices are missing the point. The airline is losing market share and going down the toilet with or without the fuel prices. For some reason you seem to have forgotten everyone is paying more for their fuel, not just poor little Air NZ so in that respect (Emirates aside) all airlines are struggling to cope. And the high NZ dollar is offsetting the price of oil which is paid in USD so when the NZ dollar drops to 60 cents as most economists predict, there is going to be even more bleeding.
It would appear that there isn't really a place in the world for a little niche player like Air NZ and it would be far better operating as a division of Qantas. Unfortunately that won't happen just yet as the big fish little pond kiwi approach chugs along. Much like the NZ stockmarket, which refuses to accept it's slowly dying, loses companies to Australia and can't scrape together any venture capital in NZ to get NZ businesses going, the era of Air NZ doing what it's always done is well and truly over.
Plenty seem to have forgotten that the primary reason Cushing lead them into the Ansett Aust was because he didn't see Air NZ's survival long term with its current market share and population base.
The airline is stumbling back to where it was 5 years ago pre Ansett and survivability-wise nothing has changed. It is doomed if it goes it alone and fuel prices are just another nail in the coffin of it in it's present form.
And MOR 2.5 cents per share at a buck and 20 is about a 2% return on the billion and a bit that the govt loaned. That is crap in comparison with what other airlines are paying dividend wise and I'll wager that investor confidence is way low because they don't like what they see, a very sick company with poor long term prospects.