Air NZ posts $180 million profit

Outgoing Air NZ chief executive Ralph Norris said it was a good result in diificult conditions. File picture / Dean Purcell

Air New Zealand today posted a slightly higher June year net profit of $180 million though high oil prices continued to eat into its bottom line.


The pre-tax profit of $235 million was above a profit guidance of $220m given by the airline in June.Outgoing chief executive Ralph Norris said after excluding record fuel prices -- which account for around 30 per cent of operating costs -- and the difficult trading environment on the Tasman, the result was among the best in the company's history.

"I am encouraged that even in these tough conditions we achieved a solid profit, which was underpinned by another year of strong domestic performance and improvements in some key international routes," he said.

Shares in the airline, which is 80 per cent Government-owned, last traded on Friday at $1.25

Air NZ will pay a final dividend of 2.5 cents per share -- its second in four years -- on September 29.

- NZPA