Air NZ flies into surging demand and serious economic headwinds

Air NZ said it was "firmly" in the revival phase of its 'survive, revive, and thrive' pandemic plan. (Photo: Air NZ)

Thu, 25 Aug 2022

Air New Zealand spent most of the previous financial year operating at a fraction of its capacity as it struggled against ongoing covid outbreaks and restrictions.The end result was a huge underlying loss – before tax and other significant items – of $725 million, widening from $444m in the prior year. While revenue lifted 8% to $2.7 billion, operating earnings fell from a $334m surplus last year to a $4m loss. Chief executive Greg Foran said international passenger flying was “virtually non-existent” while dom...

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