Air New Zealand has posted a before tax profit of NZ$256 million, the airline’s best profit result in five years. Net profit after tax profit grew 156 per cent of NZ$183 million.
The big leap in profit came in a more modest three per cent increase in revenue to NZ$4.6 billion.
“This result is one that investors, Air New Zealanders, customers and our nation can be proud of. It marks the start of an exciting new phase as chief executive officer Christopher Luxon and his management team drive their Go Beyond strategy to grow the airline,” said chairman John Palmer says.
“Strong results allow Air New Zealand to reinvest in its products, services, training and development to further enhance the customer experience and to connect more people and businesses than ever to, from and within New Zealand.”
The airline used the results announcement to highlight its NZ$1.8 billion investment in new fleet over the next three years, comprising two 777-300ERs, six 787-9s, nine A320s and four ATR 72s.
“There can be no greater vote of confidence in the growth potential of the airline, and of the attractiveness of New Zealand as an international destination, than expanding and upgrading our fleet. Alongside this we continue to actively pursue new alliance partnerships and destinations to grow our traffic.”