Tax Loss

The result is down from the $101m the airline reported for the same period in 2019.

Ongoing restrictions on international travel to and from New Zealand resulted in the airline’s operating revenue falling 59 per cent to $1.2b in the first six months of the financial year.

As at February 23, the airline had short-term available liquidity of just over $700m, consisting of about $170m cash and $550m of undrawn funds on a $900m Crown loan facility Air New Zealand secured at the beginning of the Covid-19 pandemic.

The carrier reported an after-tax loss of $454 million for the year ended June compared with the previous year's $276m profit.

Much of the loss was because of write downs in the value of planes, and restructuring costs as it cut costs and sacked about 4,000 staff, which altogether totalled $541m.

Stripping out one-off costs its underlying loss was $87m against $387m profit, as revenue fell 16 percent to $4.84 billion. The airline has received more than $100m in wage subsidies.