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New Zealand airline posts high US$116m net profit
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New Zealand’s national airline yesterday posted a record first-half net profit on slightly lower revenues.
Air New Zealand said after-tax profit surged 40 percent to NZ$140 million (US$116 million) when compared to the same period last year. Revenue fell 1.6 percent to NZ$2.3 billion.
Chief Executive Christopher Luxon was bullish about the company’s prospects. In a release, he said New Zealand and many of the airline’s key markets in Asia and the South Pacific are poised for strong financial growth in the coming years. He said the carrier’s capacity will grow by 8 percent over the next financial year as it adds planes, including new Boeing 787-9s.
In its shareholder report, the company said the revenue drop was driven by foreign exchange movements. It also noted it had pared back some international routes that weren’t profitable.
The company said it had increased its stake in Virgin Australia to 24.5 percent and expects to benefit from growth on domestic Australian routes.
The move comes at a time that Australian flag carrier Qantas is struggling. Qantas yesterday unveiled plans to cut 5,000 jobs after posting a first-half loss of A$235 million (US$211 million).
Air New Zealand is 53 percent owned by the New Zealand government and is also publicly traded.
The airline has gained international attention for its quirky inflight safety videos.
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