Air NZ full-year profits in tourism boom, but faces increased competition
Air NZ announced record results Friday amidst a tourism boom, but profits were below expectations and the company warned of increased competition. Net profit before taxation had risen 40% to NZ$663m in the year to June. Air NZ was not alone in capitalising on New Zealand's tourism boom and the company warned they were expecting increased competition as other international airlines ramped up flights and entered the New Zealand market. "There's no doubt customers have more choice," said CE Christopher Luxon. New Zealand has experienced a tourism and migration boom in the past year with visitor arrivals up 11.2% to 3.34m for the year ending July. Air NZ said it was growing both its overseas and domestic business and expected to spend $2.1b in the next 5 years on aircraft capital expenditure. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-08-26/star/air-nz-full-year-profits-in-tourism-boom-but-faces-increased-competition
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Air NZ full-year profits in tourism boom, but faces increased competition
Air NZ announced record results Friday amidst a tourism boom, but profits were below expectations and the company warned of increased competition. Net profit before taxation had risen 40% to NZ$663m in the year to June. Air NZ was not alone in capitalising on New Zealand's tourism boom and the company warned they were expecting increased competition as other international airlines ramped up flights and entered the New Zealand market. "There's no doubt customers have more choice," said CE Christopher Luxon. New Zealand has experienced a tourism and migration boom in the past year with visitor arrivals up 11.2% to 3.34m for the year ending July. Air NZ said it was growing both its overseas and domestic business and expected to spend $2.1b in the next 5 years on aircraft capital expenditure. <br/>
