Airlines not for everyone I agree but analysts don't see it the way you do and neither do I, (see earnings growth estimates for FY20 and FY21 coming off a cyclical low in FY19 :p base this year)
https://www.marketscreener.com/AIR-N...07/financials/
Management extremely confident about their ability to pay the current level of 22 cps annual dividends going forward. 12% gross yield so dividends hounds will probably stop reading right here, that's all they need to know. They proudly noted during the call that AIR had only cut dividends twice in the last 15 years. Once for the GFC and the other for the Chch earthquakes.