Kiwi carrier posts steady results in the face of ongoing headwinds.
Air New Zealand has seen its net profit after tax shrink by close to 20% to NZ$106 million for the six months to 31 December 2024 when compared to the previous corresponding period.
Revenue also dipped slightly to NZ$3.4 billion, while earnings before tax also dropped away by 16% to NZ$155 million.
While the figures paint a challenging financial period for Air NZ, the results are in the upper end of the last guidance provided by the carrier in November 2024.
The financial report also showed that network capacity is down 4%, with up to five narrowbody and three widebody jets grounded due to additional global engine maintenance requirements.
“With over $1 billion worth of our newest, most efficient aircraft grounded at times, it’s been a tough year so far,” conceded CEO Greg Foran.
“Delivering the performance we have and maintaining such a strong balance sheet, is a real credit to our people and I’m proud of what we have achieved.”
Air NZ also announced the commencement of a share buy-back scheme of up to NZ$100 million, a move the carrier said reflected confidence in the company’s long-term outlook.
More details in today’s issue of Travel Daily.