Air NZ reports first loss in 18 years - News Summed Up

Air NZ reports first loss in 18 years


Covid-related travel restrictions resulted in a 74% drop in passenger revenue from April to the end of June compared to the previous year. In June, it said it was expecting to report an underlying loss of up to $120 million for the 2020 financial year. The pre-tax loss, including $541 million of other significant items, was $628 million, compared to earnings of $382 million last year. After a tax credit of $174 million, the net loss was $454 million, compared to a net profit of $276 million a year earlier. Another loss comingThe airline said given the uncertainty surrounding travel restrictions and the level of demand as these restrictions lift, it isn't able to provide specific 2021 earnings guidance.


Source: Otago Daily Times August 26, 2020 23:26 UTC



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