Flag carrier Air New Zealand on Thursday announced a roughly US$300 million annual net loss after demand plummeted due to the coronavirus pandemic.
Flag carrier Air New Zealand announced a roughly US$300 million annual net loss after demand plummeted due to the coronavirus pandemic AFP/Marty MELVILLEWELLINGTON: Flag carrier Air New Zealand on Thursday announced a roughly US$300 million annual net loss after demand plummeted due to the COVID-19 pandemic.
The virus-driven decline spelled a NZ$454 million hit, including the cost of redundancies and the mothballing of its fleet while international borders remained closed.READ: New Zealand aware of Singapore's intent to establish travel, advisory to residents remains unchanged"The airline has responded to this crisis with urgency, including securing additional liquidity, structurally reducing its cost base," it said.
The airline said the loss recorded over the 12 months to Jun 30, which compares to a NZ$276 million profit for the previous year, was driven by one-off costs.Air New Zealand has previously said at least one-third of its 12,500 workforce are expected to lose their jobs due to pandemic-related cutbacks.It said"cash burn" averaged approximately NZ$175 million a month from April to June but efforts were underway to reduce the monthly figure to NZ$65 million.
The carrier said the uncertainty surrounding travel restrictions meant it was unable to provide specific earnings guidance for the coming financial year. "However, each of the scenarios we are currently modelling suggest we will make a loss in 2021," it said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Foreign travellers from Brunei, New Zealand can apply for air travel pass from Sept 1: CAASFOREIGN travellers who are not Singapore citizens, permanent residents or long-term pass holders can apply for an air travel pass from Sept 1 to enter Singapore on or after Sept 8. Read more at The Business Times.
Read more »
Daughter of New Zealand mosque victim tells gunman: Consider 'beauty of diversity' while in prisonWELLINGTON (REUTERS) - The daughter of a woman killed in the New Zealand mosque shootings challenged white supremacist Brenton Tarrant at his sentencing hearing to use his life in prison to consider the beauty of the diversity and freedom he sought to destroy.. Read more at straitstimes.com.
Read more »
New Zealand bourse operator NZX hit by probable second cyber attackREUTERS: Trading on New Zealand's stock exchange was halted on Wednesday after a likely second cyber attack, bourse operator NZX Ltd said. NZX ...
Read more »
New Zealand bourse operator NZX hit by probable second cyber attackWELLINGTON: Trading on New Zealand's stock exchange was halted on Wednesday (Aug 26) after a likely second cyber attack, bourse operator NZX Ltd said.
Read more »
Fury from victims at 'devil' New Zealand mosque shooterCHRISTCHURCH — A woman whose husband was shot dead by the white supremacist who murdered 51 Muslims in last year's New Zealand mosque massacre pleaded with a Christchurch court Tuesday (Aug 25) for the gunman's punishment
Read more »
There is no forgiveness, father of youngest New Zealand mosque victim tells shooterThe father of slain three-year-old Mucaad Ibrahim, the youngest victim in the New Zealand mosque shootings, told the white supremacist who gunned ...
Read more »