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Travel demand has made a robust recovery following the removal of COVID-related restrictions in the antipodean countries and regional markets, prompting the airline to gradually increase capacity and fast-track financial recovery.
The carrier reported statutory profit before tax of NZ$299 million ($185.95 million) for the six months ended Dec. 31, compared with a loss of NZ$376 million reported a year earlier.
The company has faced headwinds recently on account of heavy impacts from Cyclone Gabrielle, which led it to cancel a total of 821 flights. The carrier resumed all operations last week.
It further added that it expects earnings before other significant items and taxation between NZ$450 and NZ$530 million for 2023, which includes a preliminary estimate of the impact of the Auckland floods and Cyclone Gabrielle.
The company posted a loss before other significant items and taxation of NZ$725 million in 2022.
“Looking to the remainder of the financial year, we are optimistic about the levels of demand we continue to observe but acknowledge there is significant uncertainty regarding the overall economic outlook,” the company said in a press statement.
Air New Zealand did not declare a dividend, but said that it will consider providing dividends for its shareholders during its full-year results in August.
($1 = 1.6080 New Zealand dollars)
