New Zealand News

Air Nz’s Profit Soars

On the day Air New Zealand announced a record net profit of $NZ190.66m for the year to June 30, the airline’s 1200 engineers filed two weeks notice of industrial action over a pay claim. The airline’s profit was 36% higher than the previous year, when the profit was $NZ139.5m and $NZ115.1m the year before. Revenue for 1993-94 was $NZ2,598,412m, up 11.1% on ’92-93. The 1993-94 profit was totally from operations, boosted by growing tourist inflows into New Zealand. Flight revenue in the trans Tasman market totalled $NZ374m, while the Orient’s figure was $NZ609m and North America’s was $NZ536m. The Uk-Europe total was $NZ146m and the New Zealand contribution was $NZ487m.

Air New Zealand’s share of total inbound and outbound tourist traffic was about 50%, up 4%. The airline attracting about 600,000 visitors to New Zealand. The overall passenger load factor increased from 68.2% to a very healthy 70.8%. Jim McCrea emphasised that growth was “significantly in the international passenger business where revenue rose $NZ181m, up 13.5%”. This compared with a 3.5% improvement in outbound traffic. He said the South Korean market had grown 131% to 40,000 visitors a year while there were also 50,000 visitors from Taiwan and the airline now had services to Osaka’s recently opened Kansai airport in Japan.

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