WELLINGTON: Sky-high fuel and labour costs combined with Covid travel restrictions saw Air New Zealand more than double its losses in the last financial year, the airline said Thursday.
The flag carrier saw losses increase to NZ$591 million (US$366 million), up from NZ$292 million in the 2021 financial year.
Its loss before tax was NZ$810 million, up from NZ$415 million, while revenue rose from NZ$2.5 billion to NZ$2.7 billion.
The reopening of New Zealand’s borders in March has helped ease the pressure, but the previous pandemic-related travel restrictions impacted its operating revenue.
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Air New Zealand CEO Greg Foran said the focus now is on “restoring services, maintaining a choice of fares and launching innovations” for their customers.
Foran said the airline was firmly in the “revive” phase of its “survive, revive, thrive” journey, with bookings currently picking up despite ongoing challenges in the air travel sector.
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