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Air New Zealand loss $87 million

Christian Fernsby |
Air New Zealand is reporting a loss before other significant items and taxation of $87 million for the 2020 financial year, compared to earnings of $387 million in the prior year.

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Despite reporting a strong interim profit of $198 million for the first six months of the financial year, and seeing positive demand on North American and regional routes early in the second half, coronavirus-related travel restrictions resulted in a 74 percent drop in passenger revenue from April to the end of June compared to the prior year, which drove the airline’s operating losses.

Statutory losses before taxation, which include $541 million of other significant items, were $628 million, compared to earnings of $382 million last year.

Non-cash items of $453 million reflected most of the other significant items, including the $338 million aircraft impairment charge related to grounding of the Boeing 777-200ER fleet for the foreseeable future.

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