Air New Zealand has announced a loss before other significant items and taxation of NZ$440 million for the 2021 financial year and a net loss of NZ$289 million – its first full 12-month period of operation with COVID-19-related international travel restrictions. Using the same metric, the company reported an NZ$87 million loss for the 2020 financial year.
Statutory losses before taxation, which include a NZ$29 million gain from other significant items, were NZ$411 million, compared to a loss of NZ$628 million last year.
The financial result benefited from approximately NZ$450 million 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.
Ongoing border restrictions saw operating revenue decline 48% to NZ$2.5 billion as international flying was significantly reduced, with capacity down 55% on the prior year, although cargo flying revenue grew by 71% compared to the prior year thanks to airfreight support schemes. The airline’s domestic business performed strongly, led by strong leisure demand as well as corporate customers flying at close to pre-COVID levels. (US$1.00 = NZ$1.44 at time of publication.)
