Air New Zealand has posted its highest annual net profit in 74 years of operations, citing its concentration on high-capacity routes, with the strong New Zealand dollar helping to keep fuel costs under control.
The airline reported a 45% rise in net profit to NZD262 million (US$218 million) for the year to June 30th —its third consecutive rise in annual profit. The airline also announced a special dividend of NZD0.10 per share on top of a final dividend of NZ0.055 per share. Revenue was up 1% at NZD4.7 billion.
Air New Zealand has increased its profit more than 12-fold since 2009, when it was hit by a slowdown in global demand, high fuel costs and competition from Middle Eastern carriers on international routes.
The carrier's share price on Wednesday was near an eight-year high, at NZD2.175.
Air New Zealand reports record profits
