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Air New Zealand posts US$592 million turnaround, returns to profit
August 25th 2023
Air New Zealand (Air NZ) has reported a net profit of NZ$412 million (US$244 million) for the 12 months to June 30, returning to profitability from a net loss of NZ$591 million in the previous fiscal year. Read More » Domestic and international bookings reached 100% and 86% of pre-COVID-19 levels, respectively, the flag carrier said. Revenue was higher by 134.7%, at NZ$6.4 billion, Air NZ said in a regulatory filing. The Star Alliance member also announced an order for two A321neos for short-haul international routes and two ATR 72-600 turboprops for domestic regional services. “We know increased costs and high demand have made flying more expensive,” Air NZ CEO, Greg Foran said. “In the past year, we put more aircraft and seats in the air. So there are more choices for customers that help alleviate the cost of flying. At the same time, our own costs continue to rise and the reality is airfares are unlikely to return to pre-pandemic levels.”
