FIRST CUT: Higher fuel costs, soft demand hit Air NZ profit

Wed, 21 Aug 2019

By Pattrick Smellie Aug. 22 (BusinessDesk) - Air New Zealand saw tax-paid profit fall 31 percent in the year ended June 30 as the impact of sharply higher jet fuel costs, weakening global markets for air travel and the one-off costs associated with the recall of Rolls Royce engines from its Boeing 787-Dreamliners all combined to reduce earnings. Net profit for the year was $270 million compared with $390 million in the previous year, and free cashflow fell to $986 million from $1 billion in the June 2018 year, despite total revenue rising...

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