Air NZ sees blue sky ahead
Air New Zealand is forecasting a strong improvement in financial performance after announcing earnings before tax for the 2012 financial year of NZD91 million, up 21% on 2011.
Net profit after tax was NZD71 million, down 12% on 2011 but ahead of expectations.
Chairman John Palmer said the worst impacts of natural disasters like the Christchurch earthquake and tsunami in Japan were behind the airline, "which means growth opportunities are no longer suppressed".
Palmer said AirNZ had a clear strategy to strengthen Australasian operations, "while being ahead of target in restructuring our international long-haul network to improve financial performance".
He said the airline expected to deliver a more than 100% improvement in earnings before tax in the 2013 financial year.
Chief executive Rob Fyfe says that Air New Zealand had delivered the most consistent and best relative financial performance of any Australasian airline over the past three years, "yet is far from achieving its potential".
He said says the move to strengthen Air New Zealand’s Australasian position by developing a closer, more effective relationship with Virgin Australia is now well advanced.
Ian Jarrett
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