Air New Zealand profit dips but growth forecast
WELLINGTON, New Zealand (AP) — National carrier Air New Zealand announces a 12 percent dip in its annual profits but predicts its earnings will double in the coming year.
Air New Zealand on Thursday announced an after-tax profit of 71 million New Zealand dollars ($57 million). Before-tax profit was 91 million New Zealand dollars ($73 million) on operating revenues of 4.5 billion New Zealand dollars ($3.7 billion).
Chairman John Palmer said in a release that the company had emerged from tough economic times caused in part by natural disasters, including the 2011 earthquakes in New Zealand and Japan. Palmer said the company was poised for big growth, predicting before-tax earnings would double in the coming financial year.
Air New Zealand is a publicly traded company that is majority owned by the New Zealand government.