Air New Zealand has released its first-half financial report showing the start of its recovery with a revenue of over 3 billion NZD.
The flag carrier’s Chair, Dame Therese Walsh, attributed the solid recovery to a combination of border restrictions easing, increased demand, and the Air NZ team who “rose to the occasion.”
The country’s border restrictions eased sooner than expected and the carrier responded to the developing situation by reactivating 29 routes and recruiting 3000 employees to support the return to operations. The results show the effect of this swift reaction.
The carrier’s statutory gross earnings were 299 million NZD and it achieved a net profit of 213 million NZD. Eight million passengers traveled with the operator during the period, compared to three million in the previous year.
In the same half of the previous year, the carrier reported a net loss of 272 million NZD. The results show a significant swing in the fortune of 285 million NZD.
Domestically, the carrier has almost returned capacity to pre-pandemic levels – currently at 94%. Internationally, however, at 60% of pre-pandemic levels, the carrier still has some services to reinstate.