Covid 19 coronavirus Delta outbreak: Air New Zealand tumbles to $440m loss
Air New Zealand has announced a loss before other significant items and taxation of $440m for the year to June 30 – its first full 12-month period of operation with Covid-19 related international travel restrictions. Using the same metric, the company reported an $87m loss for the 2020 financial year. Statutory losses before taxation, which include a $29m gain from other significant items, were $411m, compared to a loss of $628m last year. This year's result is within analysts' forecasts and aligns with market guidance the airline gave. Within that period the last financial year the airline benefited from about $450m of Government assistance including airfreight support schemes as well as further subsidies and initiatives that are not expected to be repeated to the same extent in the 2022 financial year. Cargo revenue was up 71% on the prior year. It says the latest domestic nationwide lockdown was expected to negatively impact financial operating performance after a strong domestic recovery in the past 15 months. That part of the business had recovered to over 90% of pre-Covid levels but has largely been shut down in alert level 4 with only essential workers able to travel on a handful of flights a day.<br/>
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Covid 19 coronavirus Delta outbreak: Air New Zealand tumbles to $440m loss
Air New Zealand has announced a loss before other significant items and taxation of $440m for the year to June 30 – its first full 12-month period of operation with Covid-19 related international travel restrictions. Using the same metric, the company reported an $87m loss for the 2020 financial year. Statutory losses before taxation, which include a $29m gain from other significant items, were $411m, compared to a loss of $628m last year. This year's result is within analysts' forecasts and aligns with market guidance the airline gave. Within that period the last financial year the airline benefited from about $450m of Government assistance including airfreight support schemes as well as further subsidies and initiatives that are not expected to be repeated to the same extent in the 2022 financial year. Cargo revenue was up 71% on the prior year. It says the latest domestic nationwide lockdown was expected to negatively impact financial operating performance after a strong domestic recovery in the past 15 months. That part of the business had recovered to over 90% of pre-Covid levels but has largely been shut down in alert level 4 with only essential workers able to travel on a handful of flights a day.<br/>
