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.