Air NZ flying high with big profit lift
Air New Zealand has reported earnings before tax of NZ$256 million for the 2013 financial year, an increase of 172% on the previous year and the company’s best result in five years.
The net profit after tax was NZ$182 million, which is $111 million or 156% up on the previous year.
Overall, Air New Zealand’s passenger numbers were up 2.2% to 13.4 million for the year, while revenues were up 3% to $4.6 billion.
Chairman John Palmer said the result places Air New Zealand amongst the best performing airlines globally.
"This result is one that investors, Air New Zealanders, customers and our nation can be proud of," Palmer said.
Air New Zealand has committed to investing NZ$1.8 billion in new aircraft over the next three years.
Air New Zealand is majority owned by the NZ Government, which plans to sell down part of its 73% stake through the state-asset sales programme. Palmer refused to speculate on whether the airline was now primed for sale.
Air New Zealand is a cornerstone investor in Virgin Australia, which has projected an annual loss as high as A$110 million.
Ian Jarrett
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