Air NZ profit falls on low demand and Hong Kong unrest
Air NZ has reported a net profit after tax of NZ$101m (US$97m) for the 6 months to Dec 31, driven down 33% from the prior period by slower demand, a weak cargo market, one-off costs and civil unrest in Hong Kong. On an underlying basis, pre-tax basis profit was down 8.8% to $198m - the company’s lowest first-half result in 5 years. Air NZ's new CE Greg Foran said he would spend his first 100 days in the job conducting a review of operations. The carrier has been rattled by the coronavirus outbreak, and earlier this week said it expected a financial hit of up to $75m from the health crisis. Air NZ, like Qantas and Virgin Australia, has cut capacity to Asia and on the trans-Tasman routes, and suspended services to Shanghai and Seoul to limit the damage. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-02-27/star/air-nz-profit-falls-on-low-demand-and-hong-kong-unrest
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Air NZ profit falls on low demand and Hong Kong unrest
Air NZ has reported a net profit after tax of NZ$101m (US$97m) for the 6 months to Dec 31, driven down 33% from the prior period by slower demand, a weak cargo market, one-off costs and civil unrest in Hong Kong. On an underlying basis, pre-tax basis profit was down 8.8% to $198m - the company’s lowest first-half result in 5 years. Air NZ's new CE Greg Foran said he would spend his first 100 days in the job conducting a review of operations. The carrier has been rattled by the coronavirus outbreak, and earlier this week said it expected a financial hit of up to $75m from the health crisis. Air NZ, like Qantas and Virgin Australia, has cut capacity to Asia and on the trans-Tasman routes, and suspended services to Shanghai and Seoul to limit the damage. <br/>
