Tax Loss

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.