Air New Zealand delivers on promise to more than double profits in FY2013

Air New Zealand has reported underlying earnings of NZD256 million (USD200 million) for the financial year to 30-Jun-2013 and in so doing delivering on its promise to more than double profits on the prior year. The net profit after tax was NZD182 million (USD142 million), up 156% on the previous year.

The result, which is at the upper end of the guidance range provided in Jun-2013, follows up on the 300% improvement reported in the first half of FY2013 with all parts of the network contributing profitably.

Chairman John Palmer stated the result places Air New Zealand amongst the best performing airlines globally. "We are focused on further improving on this result in the 2014 financial year. Based on the airline's forecast of market demand and fuel prices at current levels, early results and forward bookings are encouraging. Our expectation is that next year we will improve on the result that we have announced today."