Travel Daily

Air NZ losses mount


AIR New Zealand has quadrupled its losses before other significan­t items for the 2021 financial year, reporting a NZ$440 million loss for the period, a decrease of NZ$353m on the prior correspond­ing year.

Operating revenue also dropped by 48% to NZ$2.52 billion on the back of ongoing border restrictio­ns, with capacity down 55% on the prior year.

However, there were some bright spots including the company’s net losses after tax showing improvemen­t, with the airline posting a 36.3% rally to -NZ$289 million, while operating cash flow also recovered by 40.4% to NZ$323 million.

MEANWHILE Air New Zealand has revealed plans to phase out its fleet of Boeing 777-300 aircraft in exchange for Dreamliner­s.

The carrier revealed the jets would be retired over the course of the next six years and replaced exclusivel­y with Boeing 787s.

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