Singapore Airlines, which owns 25 per cent of Air NZ, reported a net profit for the year to March 31 of $S1.549 billion ($2.01 billion), up 33 per cent from the previous year. But the second-half result was down 30 per cent on the same period last year.
Chief executive Dr Cheong Choong Kong blamed "a very sober second half" on high fuel prices and an economic slowdown.
Passenger and cargo markets remained soft but fuel prices had moderated since balance date.
AdvertisementAdvertise with NZME.
Latest from Business
Bruce Cotterill: After six months is the Government on the right track?
OPINION: Momentum is on the rise, but plenty more to do.