Business & Economy

Air New Zealand posts third annual loss of pandemic

Sydney, Australia, Aug 25 (EFE).- New Zealand flag carrier Air New Zealand on Thursday reported a net loss of NZ$591 million ($367 million) in the year to June 30, largely as a result of Covid-19 and related restrictions.

These figures almost double the NZ$292 million in losses reported last year, according to data published by the company in a statement.

Air New Zealand said the airline’s operating income, which amounted to NZ$2.7 billion, was “significantly impacted by pandemic related travel restrictions.”

In addition to anti-pandemic measures impacting international travel, New Zealand’s flag carrier was affected by high fuel prices, while its global revenues were boosted by the cargo transport sector and domestic travel.

New Zealand applied some of the toughest policies in the world to combat the spread of Covid-19, including the sealing of its borders in March 2020. It only began to allow the entry of vaccinated foreigners without the need for quarantine on Aug. 1, in line with its staggered reopening plan launched at the end of February.

For the current financial year, ending June 30, 2023, Air New Zealand expects its flights to reach 75-80 percent of pre-pandemic levels. EFE


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