Air New Zealand net profit down 39% in first half of 2023

Air New Zealand reported a first half of 2023 net profit of $129 million, down 39% from $213 million in the same period last year. Operating revenue was up 13% to $3.74bn. The airline said it continues to be impacted by inflationary pressures and the increase in non-fuel operating costs. “We knew this year would be tougher than the last, when pent up levels of demand and industry-wide capacity constraints drove one of the strongest financial results in our history,” said Air New Zealand chair Dame Therese Walsh. Walsh added: “And while we have reported a solid first half result,