Air New Zealand posts record profit

Air New Zealand has posted an after-tax profit of NZ$463 million ($339 million) for the year ending June, which is a 42% increase over the previous year. Revenue was up 6.2% to NZ$5.2 billion. Earnings before other significant items and taxation rose 70% to NZ$806 million. The airline has reported an 11% increase in passenger traffic for the year ending July 2016 to 3.3 million people. Despite increasing traffic demand, Air New Zealand Chief Executive Christopher Luxon warned against rising competition. Air New Zealand has awarded 8,200 of its staff special performance bonuses of up to NZ$2,500 each.