Air New Zealand's annual profit fell 61% to $146m due to competition, inflation, and engine maintenance.

Air New Zealand's annual profit fell by 61% to $146m due to increased competition from US carriers, high inflation impacting travel demand, and unexpected global engine maintenance requirements from Pratt & Whitney. The airline's earnings before tax were $222m, down from $574m in the previous year. Air New Zealand plans to invest $3.2bn over the next five years in aircraft-related capital expenditure, including a significant interior retrofit program on its Dreamliner aircraft. The airline has not provided profit guidance for the upcoming year due to ongoing challenging economic and operational conditions.

August 28, 2024
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