Air New Zealand has announced its best financial results for a decade despite tough trading conditions.
The carrier announced a pre-tax profit of £93 million (NZD $268 million) for the year ended June 30, 2007, an increase of 79% on the previous year. Operating revenue for the year was £1.5 billion (NZD $4.3 billion), up 13%, and passenger numbers increased by 4.9% to 12.5 million across the group.
Chairman John Palmer said: “This is the strongest result in the past decade and comes off the back of significant growth in passenger revenue, and a continued reduction in unit operating costs.”
He added: “The challenge for our management team is to continue to adapt and improve the performance of the airline.”
Palmer said the results came despite increased fuel costs and excess charges at some New Zealand airports. In February the carrier cut the price of domestic travel by up to 26%. It has also committed to buying eight further Boeing 787-9 aircraft.