Air New Zealand Profits Take A Dive
Umer Jamshaid Published August 22, 2019 | 09:20 AM
Wellington, (UrduPoint / Pakistan Point News - 22nd Aug, 2019 ) :Air New Zealand announced a 31 percent fall in annual net profit Thursday due to higher fuel prices and waning domestic demand.
The flag carrier said net profit to the end of June was NZ$270 million ($173 million), down from NZ$390 million a year earlier.
Chairman Tony Carter, who launched a review of the airline's operations after a profit downgrade in January, described the result as "solid".
"While we are disappointed that we did not meet the expectations we first set for ourselves at the start of the financial year, the fact is we are operating in a different demand environment than we were 12 months ago," he said.
"To have achieved a solid result despite these headwinds speaks volumes about the extraordinary dedication and commitment of our people.
" The airline, which announced a final dividend of 11 cents, said operating revenue was up 5.3 percent to NZ$5.8 billion.
Earnings before taxation, the airline's preferred performance measure, fell 31 percent to NZ$374 million.
It predicted pre-tax earnings of NZ$350-450 million in the current financial year.
The airline forecast growth of seven to eight percent in its long-haul operations, stimulated by new destinations Seoul and Chicago, as well additional capacity to Taipei and Singapore.
Air New Zealand shares were steady after the announcement, edging down one cent to NZ$2.72 on the New Zealand bourse.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
17 hours ago -
Kite Flying: From cultural festival to deadly sport
17 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
5 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
6 days ago -
Pakistan: A land of tourism, archeological wonders
6 days ago -
Transforming education sector: from job hunters to job creators
8 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
12 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
13 days ago