Air New Zealand profit
pp. 27-28 · Read in the full issue
AIR New Zealand, leading tourist flier to Polynesia and Fiji, re turned a record six-month profit to December 31 last year.
Improved cost efficiencies and in creased traffic on some international routes helped the carrier post a solid interim result better than the previous corresponding profit.
It declared an operating profit of NZ$56.1 million (US$33.7 million) for the six months, which compares with NZ$5.49 million (US$3.3 million) profit to June 30 last year and a loss of NZ$26.65 million (US$16 million) for the six months to September 30, 1990.
Air New Zealand changed its financial record year in 1991.
Sales were NZ$1.08 billion (US$649 million) compared to NZ$2.44 billion (US$1,466 billion) to the 15 months to June 30 last year and NZ$940 million (US$564 million) for six months to September 30, 1990.
“What we’ve achieved in the first half owes much to improved cost efficiency and productivity gains,” said
the airline’s chief executive, Jim McCrea.
H e said while there was growth on some routes such as Europe, Japan, Taiwan, other such as the United States> Australia and New Zealand outbound ma ,kets remained weak, Outbound traffic from New Zealand to most Pacific Islands and the US via Fiji a nd French Polynesia have ben de pressed since the Gulf War.
Air New Zealand will be able to fly domestic routes in Australia from 1994 under nevv airline deregulation moves announced in a Canberra economic statement on February 26.
Major shareholders in Air New Zealand include Brierley Investments Ltd (BIL) (37.5 per cent) and Qantas (19.9 per cent). Qantas purchased its share from the New Zealand govern ment for NZS66O million (US$396
million) in April, 1989. BIL bought
five per cent holding from American Airlines on February 27 to increase its stake to 42.5 per cent.
AIR NAURU: Heading for a more commercially viable operation.