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45 per cent profit decline for Air New Zealand

Aug. 25, 2011, Wellington, New Zealand – Air New Zealand said Thursday its annual profit dived 45 per cent to $62 million due to high fuel costs and travel disruptions from earthquakes in New Zealand and Japan.


August 25, 2011
By The Associated Press

Aug. 25, 2011, Wellington, New Zealand – Air New Zealand said Thursday its
annual profit dived 45 per cent to $62 million due to high fuel
costs and travel disruptions from earthquakes in New Zealand and
Japan.

Chairman John Palmer said in a statement that the airline had
proved resilient in "the most challenging of times."

New Zealand's second-largest city, Christchurch, was devastated
by an earthquake in February and the March 11 quake in Japan
triggered a deadly tsunami that ravaged the country's northeast.

The airline said it made a profit of $93 million in the first six
months of its financial year and a loss of $31 million in the second
six months ended June 30. Total operating revenue was up 7 per cent
to $3.6 billion.

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