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Air New Zealand Reports Losses in 18 Years

Air New Zealand Reports Losses in 18 Years

What could be the first of its kind in 18 years, Air New Zealand has reported a full-year loss for its aviation industry. The company said it had limited chances to become again profitable anytime soon as the international travels went kaput owing to the coronavirus pandemic globally.

For the financial year ended June 30, the carrier announced a net loss. It was due to the $300 million (NZ$454 million) tax levied on them. Interestingly, a year back, the company had posted a net profit of NZ$276 million.

Without revealing the details further, it added that the company might suffer losses even in 2021. The airlines based in Auckland, that majorly depends on international flights operation for its revenues suspect that the things will get back to the heights of 2019 until 2023.

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