Air New Zealand interim profit up 33% to $112 million
Air New Zealand has announced normalised profit before tax of $112 million, boosted by an $18 million gain relating to its investment in Virgin Blue.
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Air New Zealand has announced normalised earnings before tax of $112 million for the six months to December 31, including an $18 million gain on equity swaps relating to the investment in Virgin Blue.
Statutory profit before tax was $115 million ($98 million after taxation), up $31 million on the same period last year.
Normalised after tax profit was $96 million, up from $64 million the previous year.
The company’s operating revenue was up 9% to $2.2 billion, while passenger demand was up 6% compared to the same period last year.
Passenger load factor was up 2.6 percentage points to 84.2%.
Air New Zealand’s net cash position $940 million and its gearing has improved by 4.5%, at 42.8%.
It has announced an interim dividend of 3c per share.
Chief executive Rob Fyfe said bookings on Tasman and Pacific Island services increased 15% since the introduction of the company’s new Seats to Suit product.
Domestic passenger numbers were up 8% on the same period last year while cargo revenue has also recovered, up 13% compared to last year.
Chairman John Palmer said the 9% rise in revenue had been offset by costs relating to increased capacity, increasing fuel prices and losses from foreign exchange hedges.
NBR staff
Thu, 24 Feb 2011
Thu, 24 Feb 2011
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Air New Zealand interim profit up 33% to $112 million
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