Passengers, cargo boost Air New Zealand half year results
Latest News
Friday, 25 February 2011
Air New Zealand reported normalised earnings* before taxation of NZ$112 million for the six month period ended 31 December 2010, including an NZ$18 million gain on equity swaps relating to the investment in Virgin Blue. “Overall, Air New Zealand has had a strong six months. Passenger numbers, cargo volumes and yields have all increased year on year, with an increase in revenues of nine per cent. This has been offset by costs relating to increased capacity, increasing fuel prices and losses from foreign exchange hedges,” said Air New Zealand chairman John Palmer.
“Air New Zealand continued to invest throughout the worst of the global financial crisis and is now in a far stronger competitive position as a result of our innovation, people and strategic alliances. We now have a solid platform to progress and build value from these investments.” Other key factors included: Operating revenue up nine per cent to NZ$2.2 billion; Passenger demand up six per cent and passenger load factor up 2.6 percentage points to 84.2 per cent.
Air New Zealand chief executive Rob Fyfe said the past six months had been an exciting period as the airline had seen initiatives that further strengthened its competitive position.
“Bookings on our Tasman and Pacific Island services have increased 15 per cent since the introduction of the Seats to Suit product, performing far better than we expected. The trans-Tasman is an extremely competitive and important market for us and together with our alliance with Virgin Blue we are in a very strong market position.
“Domestic passenger numbers are up eight per cent on the same period last year and we are adding capacity to meet that increased demand as our new domestic A320 fleet arrives,” said Fyfe.
“Cargo revenue has recovered, up 13 per cent compared to last year. Volumes were up six per cent on a small capacity increase and a strong 10 per cent increase in yields. Improvements were achieved in all markets with the Pacific and Asian routes being the primary contributors.”
Passengers, cargo boost Air New Zealand half year results
Latest News
Friday, 25 February 2011
Air New Zealand reported normalised earnings* before taxation of NZ$112 million for the six month period ended 31 December 2010, including an NZ$18 million gain on equity swaps relating to the investment in Virgin Blue. “Overall, Air New Zealand has had a strong six months. Passenger numbers, cargo volumes and yields have all increased year on year, with an increase in revenues of nine per cent. This has been offset by costs relating to increased capacity, increasing fuel prices and losses from foreign exchange hedges,” said Air New Zealand chairman John Palmer.
“Air New Zealand continued to invest throughout the worst of the global financial crisis and is now in a far stronger competitive position as a result of our innovation, people and strategic alliances. We now have a solid platform to progress and build value from these investments.” Other key factors included: Operating revenue up nine per cent to NZ$2.2 billion; Passenger demand up six per cent and passenger load factor up 2.6 percentage points to 84.2 per cent.
Air New Zealand chief executive Rob Fyfe said the past six months had been an exciting period as the airline had seen initiatives that further strengthened its competitive position.
“Bookings on our Tasman and Pacific Island services have increased 15 per cent since the introduction of the Seats to Suit product, performing far better than we expected. The trans-Tasman is an extremely competitive and important market for us and together with our alliance with Virgin Blue we are in a very strong market position.
“Domestic passenger numbers are up eight per cent on the same period last year and we are adding capacity to meet that increased demand as our new domestic A320 fleet arrives,” said Fyfe.
“Cargo revenue has recovered, up 13 per cent compared to last year. Volumes were up six per cent on a small capacity increase and a strong 10 per cent increase in yields. Improvements were achieved in all markets with the Pacific and Asian routes being the primary contributors.”
