Air New Zealand sees strong results

Air New Zealand announced a profit of $268 million before unusuals and tax for the year ended 30 June 2007, an increase of 79 percent on the previous year. 

This is the strongest result in the past decade and comes off the back of significant growth in passenger revenue, and a continued reduction in unit operating costs, says Chairman John Palmer.

The Board has declared a fully imputed final dividend of 5 cents per share. Combined with the interim dividend of 3 cents per share and the special dividend of 10 cents per share, total distributions to shareholders will be in excess of $190 million in respect of the 2007 financial year. Net profit after tax was $214 million, 123 percent up on the previous year.

We are pleased with the level of profitability, particularly in light of the ongoing pressures we face from competitors, and the challenge of accommodating increased fuel costs and excess charges at some New Zealand airports, says Mr Palmer.

The challenge for our management team is to continue to adapt and improve the performance of the airline and, based on their track record of the past four years, I have every confidence in their ability to achieve just that.