Air New Zealand Reports Drop in Half-Year Profit Amid Aircraft Availability Issues
Air New Zealand reported a 17.8% decline in its half-year profit, facing ongoing aircraft availability challenges due to global maintenance delays.
Despite the challenges, the company announced a share buyback of NZ$100 million and declared an interim dividend of 1.25 New Zealand cents per share.
For the six months ended December 31, Air New Zealand recorded a pre-tax profit of NZ$106 million, down from NZ$129 million in the previous year. However, this exceeded the Visible Alpha consensus of NZ$101.6 million.
The airline's operations have been impacted by engine issues in the past, including a recent diversion of a flight due to engine problems. Earlier this month, Air New Zealand announced the suspension of its flights to Seoul, citing engine shortages.