Air New Zealand pays special dividend as profit takes off

By Dominique Schwartz

Mr Luxon says the airline’s multiple revenue sharing alliances with Virgin Australia, Cathay Pacific and Singapore Airlines are also generating benefits.

The majority government-owned national carrier declared a net profit after tax for the year ending in June of $NZ262 million ($235 million), up 45 per cent on the previous year.

“We have a number of initiatives underway to further improve the customer experience, including induction of the Boeing 787-9 fleet, the refurbishment of our Boeing 777-200ER fleet, moving to new terminals and lounges in Los Angeles and London and multiple lounge upgrades across the network,” he said.

He forecast continued strong growth, saying Air New Zealand would significantly boost its capacity over the coming year, including on the Trans-Tasman route.

CEO Christopher Luxon says the airline’s new fuel-efficient 787-9 Dreamliner aircraft is a game-changer, cutting fuel costs on a similar-sized plane by one-fifth.

Australia‘s two main airlines also report their latest profit results this week: Qantas on Thursday and Virgin Australia on Friday.

The company’s preferred “normalised” measure of pre-tax profit, excluding one-off gains and costs, rose 30 per cent to $NZ332 million.

Air New Zealand today announced a large increase in profit for the third year in a row, and a special dividend.

Read more here: ABC


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