Air New Zealand NZ$100m Profit up 163% 1H2013

Submitted by Share Trading on 5 March, 2013 - 20:33

Airline company, Air New Zealand (ASX:AIZ) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stock market.

  • Air New Zealand have posted a Profit of NZ$100 million for the half, up 163 percent on the previous corresponding first half from NZ$33 million.
  • Revenue up 3 percent to $NZ2.34 billion.
  • AIZ normalised pre-tax earnings of NZ$139 million for the first half, up from NZ$33 million previously.
  • Air New Zealand Chief Executive Christopher Luxon said, "A key driver in achieving this turnaround has been getting our network right," he said in documents filed with New Zealand's stock exchange. "We recently announced the suspension of the Hong Kong-London route, which has been underperforming for some time."
  • AIZ Acting Chief Sales Officer Norm Thompson said, "China is now New Zealand's second largest inbound tourist market, after Australia, having recently overtaken both North America and the UK."
  • Air New Zealand is 76 percent New Zealand government owned.
  • Total revenue from ordinary activities up 3.6 percent to NZ$2.388 million.
  • Air New Zealand have declared an interim dividend of 3 NZ cents per share, up 50 percent.