Air New Zealand

Air New Zealand offers cheap fares over summer

The $60-and-under seats are available from the second half of November until mid February and are available to all of the airlines domestic locations.

Air New Zealand says the school holidays gave tourism a big boost and hopes the fares will encourage further travel.

Last month the national airline announced it was tapping into the $900 million government loan on offer to help it through the impact of the Covid-19 pandemic.

In August Air New Zealand announced it posted an after-tax loss of $454m - one of the biggest corporate losses in New Zealand in recent memory.

Air New Zealand CFO Jeff McDowall resigns

The airline's chief financial officer, Jeff McDowall, has given notice he will leave after the completion of a planned capital raise mid-next year.

McDowall had been with the national carrier for more than 20 years, and was acting chief executive before the arrival of Greg Foran earlier this year.

Air New Zealand to strengthen finances in first half of 2021

The airline is now drawing on the $900 million government loan which is giving it time to tool at future options.

In a statement to the stock exchange, the airline said it was looking at how the Covid-19 pandemic may develop and the effect it would have on its operations, costs, aircraft needs, and capital needs.

It said the review should be done by early next year and if there was no further bad news caused by the pandemic it would plan to raise fresh capital by the middle of next year.

Air NZ sells 70,000 seats in six hours after rules relaxed

As soon as the announcement was made that distancing would no longer be required on planes, Air New Zealand CEO Greg Foran says the airline immediately made more tickets available.

"That put on the market about 160,000 more seats."

In six hours, the airline sold 70,000 seats yesterday, he says.

Foran told Morning Report this is what happens when the airline has the opportunity to operate the domestic airline at full potential.

During level one, the airline's prices increased by 13 percent.

Air NZ grounds Boeing 777 fleet due to Covid-19 impact on travel

In May, the airline grounded most of its seven 777-300 aircraft until the end of the 2020 calendar year. It signalled it was unlikely to fly its eight 777-200 aircraft in the foreseeable future and began preparing to send these into long term storage overseas.

In a release, the airline said four of the aircraft will be stored in Victorville in the Californian desert and three would remain in Auckland where they can be used if required.

Air New Zealand’s chief commercial and customer officer Cam Wallace resigns

Cam Wallace will step down from 30 September but will continue to provide support to chief executive Greg Foran until the end of the year.

In a statement, Foran said Wallace, who has been with the airline for 19 years, told him that he wanted to pursue other opportunities for his global career ambitions given the airline had now effectively become a domestic carrier.

Foran praised Wallace for his contribution, saying the airline's passenger and cargo revenues had experienced growth under his leadership.

Air New Zealand pins hopes on more passengers, funds for freight service

Air New Zealand is about to dip into the government loan after reporting huge losses yesterday.

The carrier reported the biggest corporate loss in recent history and its first loss in 18 years - a deficit of $454m for the year ended June compared with the previous year's $276m profit.

Much of the loss centred on the costs associated with 4000 redundancies, asset writedowns and grounded planes. Stripped of these one-off costs, the underlying loss was $87m.

Air NZ posts an after tax loss of $454 million

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.

Exporters furious at Air NZ's treatment of the Pacific

Their products are desperately needed in the islands and some are perishable. But, they are being taken off with no warning given.

Blair Krill from exporting company SAMEX Ltd, which sources a wide variety of products from suppliers around New Zealand for Pacific customers, said 95 per cent of its business is done in the islands and its taking a devastating hit.

“Air New Zealand quite frankly don’t give a damn, our freight rates have gone up 300 to 400 per cent," he said.

Air NZ forecasts $120m underlying loss for 2019/20 financial year

In an update on its earnings expectations, the company said the recent move to alert level 1 has enabled the airline to slowly restart the domestic network, however revenue and earnings are significantly lower than expected prior to the Covid-19 pandemic.

It said it was now expecting an underlying operating loss of $120m.

But there are other significant one-off items which will boost the bottom line result.

The company is estimating re-structuring costs, including redundancies, will be between $140 and $160m