Air New Zealand makes $338 million impairment on its Boeing 777-200ER fleet

Air New Zealand has recorded a $338 million aircraft impairment charge related to grounding of the Boeing 777-200ER fleet “for the foreseeable future” as the carrier reported a loss of $87 million for the 2020 financial year ending June 30. 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 impairment charge. “The $87 million loss we are reporting today, our first loss in 18 years, reflects the quick and severe impact Covid-19