Air New Zealand says a key management focus will be assisting with the recovery from the Christchurch earthquake and working with tourism partners to mitigate the economic effects.
The airline’s latest half year result show earnings before taxation are NZ$112 million for the six month period ended 31 December 2010, including an $18 million gain on equity swaps relating to the investment in Virgin Blue.
Air NZ chairman, John Palmer, reviewing the results, said,
“Overall Air New Zealand has had a strong six months.
“Passenger numbers, cargo volumes and yields have all increased year on year, with an increase in revenues of nine percent.
“This has been offset by costs relating to increased capacity, increasing fuel prices and losses from foreign exchange hedges.â€
Palmer said Air New Zealand continued to invest throughout the worst of the global financial crisis… “and we now have a solid platform to progress and build value from these investmentsâ€.
Air New Zealand CEO Rob Fyfe said bookings on Tasman and Pacific Island services had increased 15 percent since the introduction of the Seats to Suit product, “performing far better than we expectedâ€.
He added, “The trans-Tasman is an extremely competitive and important market for us and together with our alliance with Virgin Blue we are in a very strong market position.â€
