Air New Zealand's 1HFY2011 profits jump

Air New Zealand revenue up 9% - financial highlights for the six months ended 31-Dec-2010:

• Revenue*: USD1668 million, +9% year-on-year;
• Operating costs: USD1368 million, +9.7%;
  • Fuel: USD394.5 million, +15.5%;
  • Labour: USD388.6 million, +5.9%;
• Profit before tax: USD85.8 million, +36.9%;
• Net profit: USD73.1 million, +75%;
• Passenger numbers: 6.8 million, +7.8%;
  • Long-haul: 880,000, +2.9%;
  • Short-haul: 5.9 million, +8.6%;
• Load factor: 84.2%, +2.6 ppts;
  • Long-haul: 84.6%, +1.3 ppt;
  • Short-haul: 83.7%, +4.5 ppt;
• Yield: USD 9.70 cents, +3.0%;
  • Long-haul: USD 7.23 cents, +7.2%;
  • Short-haul: USD 12.98 cents, -1.5%;
• Total assets: USD3620 million, +6.3%;
• Total liabilities: USD2373 million, +4.5%. [more]

* Based on the conversion rate USD1 = NZD1.34082

Air New Zealand: "Demand and yield have improved which together with the benefit of a stronger NZD as our hedging profile rolls off later in the year and the implementation of new initiatives, sets a strong platform for future performance," Company statement. Source: Air New Zealand, 24-Feb-2011.