News
Air New Zealand warns of challenging year ahead after profit decline
August 30th 2024
Air New Zealand (AirNZ) has booked a profit before taxation of NZ$222 million (US$139 million), a 61% decline from the previous year. Read More » Net profit after taxation was NZ$146 million and passenger revenue was NZ$5.9 billion for 12 months. “While Air New Zealand reported a solid first-half result, the second half of the financial year proved increasingly challenging as the impact of operational and economic headwinds became more pronounced,” the company said. AirNZ cautioned investors about the challenges of the year ahead, noting the potential impacts of inflation, intense competition and engine-related maintenance issues. “The challenges we are facing are not unique to Air New Zealand. Supply chain and aircraft delivery delays, growing costs and a shortage of labor in key areas like engineering are major issues facing many airlines across the global aviation industry. However, the reality is as these issues continue to play out, Air New Zealand is expecting a challenging year ahead,” AirNZ CEO, Greg Foran, said.
