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No dollar figure was put on the purchase, which at today's trading price equals some $A23.81 million.

This year's profit will drop 91% while the Gulf airline buys a chunk of Virgin.

Despite losses and market volatility, Air New Zealand is predicting improved fortunes.

Air New Zealand has increased its interest in Virgin Australia by 5% to 19.99%, the maximum allowed before being required to make a full takeover.