Air New Zealand heading for $450m loss two years in a row

Strong domestic activity and cargo revenue have given Air New Zealand confidence to signal a full-year loss of no more than $450 million while also announcing a delivery date for the first of eight new Boeing 787 Dreamliners. The airline said the operating environment remains challenging and uncertain in respect of timelines for international border reopenings, progress of global vaccination programmes and recovery levels for customer demand. But it has had positive Ebitda since September 2020 and has been operating cash flow-positive since Q2 2021 financial year, largely benefiting from the Government's air cargo support schemes, wage subsidies and other aviation relief packages. The company also said all permanent employees will receive an award of $1000 worth of company shares in recognition of their efforts. Around 8000 employees will be eligible for the share award, which will be made in the last quarter of this calendar year. This will be available to New Zealand and Australian employees, and as a cash equivalent for those in other global locations. Air New Zealand CE Greg Foran says this means it is more important than ever to ensure Air New Zealand staff are recognised for the work they've done - and will continue to do - as the airline recovers.<br/>