Business Round-Up
Air New Zealand predicts profit rise
July 1st 2013
Air New Zealand (AirNZ) continues to punch above its weight with the news it could almost triple its profits for the year to June 30. The airline said it is in line to report a profit of between NZ$235 million (US$183.37 million) and NZ$260 million (US$209 million) for the year. Read More »
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| Air New Zealand: forecast a tripling of profits in the 2012-13 financial year |
Restructuring of its long-haul network, which has returned to profit for the first time since the 2008 global financial crisis, and a stable operating environment has contributed significantly to the improved results, said the airline.
In June, AirNZ increased its equity in Virgin Australia by 3%, to 23%, making it the airliner’s largest shareholder. AirNZ said it paid US$33 million for the holding and planned to raise its investment in the carrier to 26%.
