Air NZ reports profit surge

Air New Zealand says its annual profit jumped almost 400 per cent thanks partly to smaller losses on fuel hedging contracts and cost cutting.

Net profit for the financial year ended June 30 was NZ$82 million compared with NZ$21 million the year before.

Fuel hedging losses dropped to NZ$8 million from NZ$130 million.

Air New Zealand says its annual profit jumped almost 400 per cent thanks partly to smaller losses on fuel hedging contracts and cost cutting.

Net profit for the financial year ended June 30 was NZ$82 million compared with NZ$21 million the year before.

Fuel hedging losses dropped to NZ$8 million from NZ$130 million.