Air New Zealand announces 45% rise annual profit

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New Zealand’s national airline, Air New Zealand, announced a 45% rise in annual profit. Air New Zealand witnessed a net profit of NZ$262 million for the financial year that ended June. Revenue was also up 1% to NZ$4.7 billion.

The company is further planning to use the recently delivered Dreamliner 787-9 between Auckland and Perth in October. Further it will buy 10 of the new planes, which are an extended version of the 787. Moreover, it is also developing and updating other planes in its fleet.

Chairman Tony Carter said, “It was the carrier’s third straight year of strong earnings growth. The carrier’s new aircraft were able to operate more profitably and it was benefiting from alliances with other airlines. The company’s passenger capacity will grow significantly in the coming year as new airplanes arrive.”

Air New Zealand recently allied with Singapore Airlines and it also has previous alliances with Virgin Australia and Cathay Pacific.