Air New Zealand announced its full-year performance for the fiscal year ending in June 2024. Net profit after tax was 146 million New Zealand dollars.
Passenger revenue was 5.9 billion New Zealand dollars, and the profit before tax was 222 million New Zealand dollars. The final dividend is anticipated to be 1.5 cents per share. Profits decreased from the previous period, which saw record-breaking performance, following the opening of borders.
The passenger revenue includes 90 million New Zealand dollars of customer credits deemed highly unlikely to be redeemed. Fuel expenses were around 190 million New Zealand dollars, while operating expenses excluding fuel costs increased by approximately 225 million New Zealand dollars.
While the first half of the fiscal year showed strong performance, the second half suffered due to a deteriorating economic environment, especially affecting demand from the corporate and government sectors. Additionally, maintenance issues with Pratt & Whitney engines, the suspension of operations for some aircraft due to extra maintenance on Rolls-Royce engines, and intensified competition with American airlines all had an impact. The loss attributable to the suspension of some aircraft, after deducting compensation, was about 100 million New Zealand dollars.
