Air New Zealand reported normalised earnings* before taxation of $75 million for the 12 months to 30 June 2011. The result is 45% down compared to the 2010 financial year. Air New Zealand posted a first half year profit $112 million and second half year loss of $37 million. Net profit after taxation was down 1% to $81 million, operating revenue was up 7% to $4,341 million and net cash was $860 million.
* Normalised earnings exclude the impact of derivatives that hedge exposures in other financial periods. Statutory profit before taxation was $73 million ($81 million after taxation).
