News
Air New Zealand delivers “solid” interim results
February 21st 2025
Air New Zealand (AirNZ) has announced earnings before taxation of NZ$155 million (US$88.6 million) for its fiscal first-half. Read More » The result was at the upper end of its guidance to the market issued last November. Net profit after taxation was $106 million. “This is a strong result when you consider the headwinds we have been navigating for almost a year. It reflects the hard mahi and dedication of our 11,600-strong Air New Zealand whānau and the effectiveness of actions we have taken and will continue to take, to mitigate these challenges and position the airline for future success,” Air NZ chair, Dame Therese Walsh, said. The flag carrier has received NZ$94 million in compensation from engine manufacturers, but it estimates interim earnings would have been approximately NZ$40 million higher had it been able to fully operate its fleet as intended. “While compensation has played an important role in offsetting some of the financial impact of the delays, it falls well short of making the airline whole for the operational and economic losses sustained,” AirNZ CEO, Greg Foran, said. The airline added the financial year will be the first full 12 months impacted by required additional engine maintenance work on Pratt & Whitney and Rolls-Royce engines that power its Airbus and Boeing fleets. Given the degree of uncertainty surrounding the number of grounded aircraft across the second half and any associated compensation, the airline is not in a position to provide guidance at this time, AirNZ said.
