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Air New Zealand posts 58 percent higher 1H net profit

Air New Zealand posts 58 percent higher 1H net profit

National carrier Air New Zealand Ltd. Friday posted higher first-half net profit and said it had achieved a solid operating and financial performance despite high fuel costs and increased competition.
The airline, which is around 76 percent-owned by the government, said its net profit for the six months to Dec. 31 was NZ$115 million (US$94 million; euro62 million), up 58 percent from the same period a year earlier.
Profit before unusual items and tax, a measure closely watched by analysts, was up 62 percent to NZ$159 million (US$130 million; euro85 million).
"Despite high fuel prices, tight labor markets and a currency that is making New Zealand less competitive as an international tourist destination in some markets, we have produced a solid result and have proven our ability to do well against competition," Deputy Chairman Roger France said in a statement.
The company said it still expects to better its 2007 result for the full fiscal year, but added that oil price volatility has reduced the certainty with which it can give that forecast.
Air New Zealand said it will pay an interim dividend of NZ5 cents a share.


Updated : 2021-05-11 14:26 GMT+08:00