Fuel costs continue to hit airline profits
Air New Zealand has become the latest airline to blame fuel costs for poor financial results as Air New Zealand saw profits tumble 55% for the first six months of the year.
The carrier reported a net profit before unusuals and tax of £30.5 million (NZD$81m) in the six months to December 31, a 45% fall in the same period in 2004.
Chairman John Palmer said the results reflected a £66 million rise in its fuel bill.
“It is quite clear that the airline is facing unprecedented fuel costs, which have unduly affected the result for this period,” he said. “A 36% increase in fuel prices combined with a reduction in fuel hedging gains has placed considerable pressure on earnings.”
The airline flew six million passenger during the six month period, a 4.5% increase on the corresponding 2004 figure.
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