Business Round-Up
Air NZ more than doubles profit
October 1st 2013
Air New Zealand (AirNZ) reported a net profit of NZ$182 million (US$140.8 million) for its fiscal year to June 30, an increase of NZ$111 million, or 156%, over a year earlier. Read More »
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Analysts said the result was the upper end of the forecast range, following on strongly from the 300% improvement in the airline group’s interim results. “Based on the airline’s forecast of market demand and fuel prices at current levels, early results and forward bookings are encouraging. Our expectation is that next year we will improve on the result we have announced today,” said AirNZ’s retiring chairman John Palmer.
He took on the AirNZ chairmanship in 2001, after the government had been forced to bail out the carrier, the country’s biggest corporate bail-out at the time. By the time Palmer delivered his last set of results in September, AirNZ had become one of the strongest airline performers worldwide.
