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            november 17, 2019

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CIBE 2019

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Air NZ profit dips 12pc to US$57 million


Air New Zealand is bullish on its financial performance and should see as strong improvement next year despite posting a 12 per cent fall in full-year profits, down to NZ$71 million (US$56.7 million) for the year to the end of June, according to the Shipping Gazette. 
Pretax profit gained 21 per cent to NZ$91 million. Revenue gained three per cent to NZ$4.48 billion, with a 3.1 per cent gain in passenger sales and a 7.2 per cent lift in cargo revenue. The airline increased short-haul passenger numbers 0.6 per cent to 11.5 million while long-haul numbers fell 3.2 per cent to 1.6 million.
Total revenue passenger kilometres (RPK) edged up 0.1 per cent to 27 million as available seat kilometres rose 0.8 per cent to 32.6 million. The airline's yield rose three per cent to 13.5 cents per RPK. The airline's average domestic fares fell in the year, even as fuel prices and airport charges surged.
Chairman John Palmer said the airline expects "to deliver a more than 100 per cent improvement in normalised earnings before taxes in the 2012 financial year," which would take pretax profit above NZ$180 million in 2013.
CEO Rob Fyfe told media that "New Zealand's long-haul travel has been strengthening during this period, and we expect that to continue through to Europe." But a Chinese economic slowdown was becoming more apparent which will have an impact on flights into and out of the world's most populous nation, he said.
While airlines around the world have been struggling with high fuel prices and dwindling demand for long-haul travel in the global economic slowdown, Mr Fyfe said the airline held 52 per cent market share on trans-Tasman routes, ahead of its 50 per cent capacity share, which drives "significant economic value" for the airline.
"Our financial performance is better than our competitors in this market, and we believe that position is sustainable," he said. The airline said it's ahead of schedule on plans for a NZ$195 million uplift in annual performance by 2015 and is now targeting a NZ$250 million annual improvement.
The airline has been at loggerheads with airports over the regulated fees they charge, singling out Wellington International Airport as the worst culprit. Mr Fyfe said it faces a further NZ$25 million increase in landing fees this coming year. The airline did not quantify potential liabilities if the Commerce Commission's case against it in relation to an alleged air cargo cartel is proven.

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