Air New Zealand predicts $3 billion hit to revenues from Covid 19

Air New Zealand will have a $3 billion hit to revenues as a result of the Covid 19 crisis and will exit the pandemic as a much smaller operation, said chief executive Greg Foran in an email to staff. In the email Foran said pre-COVID-19 came the firm had annual revenue of around NZ$5.8 billion, producing profits of NZ$374 million and cash reserves of NZ$1billion. “Unfortunately, COVID-19 has seen us go from having revenue of NZ$5.8 billion to what is shaping up to be less than $500 million annually based on the current booking patterns we are seeing. That’s right –