Soaring Air NZ boosts annual profit
Air New Zealand has boosted its annual profit 45% increased passenger numbers and capacity lifted earnings.
It will pay a special dividend after reviewing its capital structure.
Net profit rose to $262 million in the 12 months to 30 June, from $181 million, a year earlier, the Auckland-based company said.
It was in line with brokerage First NZ Capital's forecast.
Normalised pretax earnings climbed 30% to $332m, as revenue edged up 1% to $4.71 billion.
Air NZ has been upgrading its fleet and increasing ties with other airlines, including a code-share agreement inked with Singapore Airlines and increasing its stake in Virgin Australia.
"We have made significant progress on our key strategic initiative," chairman Tony Carter said.
"With new aircraft offering better operating economics, an optimised network with the right alliance partners, disciplined cost management and a daily focus on improving the customer experience, we are very well positioned to continue growing."
The board declared a final dividend of 5.5 cents per share, taking the annual payout to 10 cents, and also declared a special dividend of 10 cents.
The New Zealand government sold 20% of its shares in the airline in November to reduce its holding to 53%.
The airline expects more earnings growth in 2015 based on forecast market demand and fuel prices, excluding earnings from its stake in Virgin Australia.
Air NZ increased its investment in Australia-based Virgin to 25.99% in June, having first sought an alliance with the airline in 2010.
It has also entered into a code share alliance with Singapore Airlines, a fellow investor in Virgin.
The airline increased passenger numbers 2.34% to 13.72m.
Operating cash flow shrank to $730m from $750m a year earlier. Air NZ had cash and equivalents of $1.23b as at 30 June, and net debt of $384m.
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